Nadef, Franco: "In 3 years, margins to lighten the tax burden"

• Cdm, green light for fiscal delegation.

  The Northern League ministers leave

• GDP, Franco: "Intense recovery is underway, we do not exclude year-end growth above + 5.8%"

• ECB, Lagarde: "We need accommodative monetary policy".

  "There is recovery, but we are not out of danger"

• Draghi: "The economic picture is far better than we thought. There is confidence in Italy"

Share

06 October 2021 "In the three-year period 2022-2024 there are margins to intervene on social safety nets and" start a process of easing the tax burden ". This was stated by the Minister of Economy, Daniele Franco, explaining in a hearing on Nadef (Update note al Def) the difference between the trend and the programmatic framework. "The gap between the two balances - he added - should allow us to recover the effects of the pandemic in the three-year period".

"In 2022 and 2023 we believe that fiscal policy must remain expansionary, in 2024 it can return to neutral, we have chosen to use this improvement" in public finances, these margins to accelerate the recovery immediately and lay the foundations for stable growth higher "he explained before the budget committees of the House and Senate describing the trend and programmatic framework of net debt:" The deficit targets are higher than the trend, a gap that should not be called 'treasury' - he said - because there is no contractual increases are considered, nor the extensions of many policies, so considering this the margin becomes very narrow,the margin seems very large but when one fills it with all the policies in place for several years, the margin is considerably reduced ".

Franco then indicated that "the gap between the two balances should allow us to cover the three-year management of the residual effects of the pandemic, unchanged policies and various economic policy measures already initiated, including public, industrial and real estate incentives, and start the easing of the tax burden ".

"The increase in the cost of energy is one of the most important elements of uncertainty" but the government expects that "at the beginning of next year it will diminish", Franco then stressed. "There is a feeling - he said - that the phenomenon is temporary. Oil foresees a winter peak and then a reduction in prices. Having said this, it is an issue that must be monitored and it is necessary to evaluate whether at national or European level there are ways to mitigate this. dynamic ".

"The dynamics of the debt / GDP ratio" is a weak point because the ratio is very high, and the pandemic has worsened the situation ", but" our debt is fully sustainable "then said the minister explaining that" we have an opportunity that we had not had for years, of very large debt but with a very low average cost ", and it is an opportunity" to bring it down as quickly as possible ".