Budgetary Policy Report – 2025

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11 June 2025 | Today, the Report on the Budgetary Policy of the PBO was presented at the Senate of the Republic, Sala Zuccari. After the formal greetings, the Chair of the PBO, Lilia Cavallari, presented her report. Board members Valeria De Bonis and Giampaolo Arachi then described some thematic insights. The Minister of Economy and Finance, Giancarlo Giorgetti, delivered the final speech.

The PBO Report provides an annual overview of recent trends and prospects for the Italian economy and public finances. This year’s report includes in-depth analyses of defence spending, the labour market after the pandemic and the effectiveness of Industry/Transition 4.0 incentives.

 

Text of document (in Italian)

Summary

Chair’ Speech (in Italian)

Video (in Italian)