Focus Paper no. 8 / 17 December 2015

Download PDFReviewing the public finance objectives in the light of the ‘security package’: assessment of compliance with fiscal rules” has been published on the PBO website


The Focus assesses the consistency of the public finance targets with fiscal rules following the Government’s presentation of the amendment to the 2016 Stability Bill concerning the “security package” and in the light of the flexibility in the EU rules contained in the Opinion of the European Commission on the 2016 Draft Budgetary Plan.


For 2016, the Government’s amendment entails a deviation from the path towards the medium-term objective (MTO), which according to preliminary estimates, however, should not be significant. This would not be the case if the additional flexibility requested for investment and structural reforms is not granted this coming spring: the deviation from the path towards the MTO would then be significant with the consequent possibility of the initiation of the associated procedure.


Text of document (in Italian)