Gualtieri: "Recovery exceeded expectations, but it is necessary to maintain an expansionary policy"

• Gualtieri: "Significant recovery, upward double-digit GDP in the third quarter"

• Gualtieri: "The drop in GDP 2020 will not be double-digit. We look to the future with confidence"

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12 September 2020At Ecofin "the common assessment is that a recovery is underway a little higher than expected, even the ECB has revised the data on GDP, but there is also a lot of uncertainty and we start from a heavy figure of reduction of GDP in the second quarter in all countries. For this reason we, like others, have stressed the need not to stop too soon the expansionary policy of support for the economy ", which" it will be necessary to continue next year ".

This was said by the Minister of Economy, Roberto Gualtieri, at the end of the informal Ecofin in Berlin.

"There is consensus on this, Italy along with others has been determined to support this analysis," he added.

"Many colleagues have stressed that Italy's data are better than expected, Italy is among those who are experiencing a rebound that is felt" the minister highlighted, adding that the informal Ecofin was "very positive. on Next Generation Eu ", that is the Recovery Fund, but" less on the reform of the EU budget ". 

"I share the words of EU Commissioner Gentiloni: it is more risky to eliminate the stimulus too soon than too late", he added, regarding expansion policies on the sidelines of the informal meeting of finance ministers.

Ecofin "we discussed finalizing the entry into force of the backstop (parachute of the bank-saving fund, ed), which is linked to the reform of the Mes treaty, and we agreed on the opportunity to work for to have the early introduction of the backstop from the end of next year. This requires some steps "and" will allow us in Italy to tackle this issue that had been a bit frozen ", recalled Gualtieri.

"When it is appropriate to overcome the temporary suspension of the Stability Pact, there will be the need to review the rules that improve its character", because today there is "too much complication, excessive cyclicality, a non-incentive to invest ", underlined the Minister of Economy.

And on Tuesday 15 September, at 12 noon, at the Mappamondo room in Montecitorio, the minister's hearing is scheduled to be heard by the joint Budget and Finance Committees on the identification of priorities in the use of the Recovery Fund.