"Italy confirms the Stability Pact even after the sentence on pensions". So it happened Pierre Moscovici, European Commissioner for Economic Affairs, on the affair linked to the sentence of the Consulta which declared the blocking of the revaluation of high pensions decided with the Fornero reform unconstitutional.
"The Italian authorities – added the former French Economy Minister – are evaluating the situation after the sentence of the Constitutional Court which will certainly have an impact on public finances".
Brussels is therefore aware that last Thursday's decision, with which the Consulta rejected the failure to adjust to inflation of pensions above 1.500 euros in the two-year period 2012-2013, could have heavy repercussions on Italian public finance balances.
Moscovici, illustrating the new spring estimates, he explained that the decision to launch measures necessary to cover a possible "gap", the order of magnitude of which is not clear at the moment, will be up to the Italian government.
"It is the duty of the Italian authorities to establish what measures must be taken to compensate for any losses," Moscovici commented.
"We are working in these hours and as soon as possible we will define the quantitative framework: we are thinking about it", replied the Minister of Economy at a distance, Pier Carlo Padoan, questioned in the Senate on the impact on the public accounts of the sentence of the Consulta which canceled the stop to the indexation of the pension. And to those who asked him about Brussels' position, Padoan added: "The Commission is asking about the impact on the accounts and on the rules, but the rules will be respected".
Moscovici then extended the speech to Italy, recalling that in order to adequately deal with the main weakness of the Italian economy, i.e. "the mountain of public debt" parallel to a growth that remains weak, "Rome must continue to act with caution in the management of public finances but at the same time carry on an ambitious list of reforms".
