Focus paper no. 1 / 14 January 2015

Download PDFThe new policies of the European Commission on flexibility in the Stability and Growth Pact


The Focus illustrates and discusses the European Commission Communication of 13 January on “Making the best use of the flexibility within the existing rules of the Stability and Growth Pact” and assesses the main implications for Italy. In particular, the Focus provides an analysis of the treatment of the business cycle by the European Commission to define the structural adjustment of the budget in the preventive arm of the Pact, the “investment clause” and the “structural reform clause”.


Text of document (in Italian)