The Ecofin meeting, which saw the participation of the Minister of the Treasury Giovanni Tria, did not bring any news for Italy on the contrary, the results of the same confirmed that the government will have to find 5 billion euros this year and another 10 next one. No correction of 0,3% of GDP for the year 2018. A correction hoped for by the former Minister of Economy Pier Carlo Padoan, due to different calculation criteria between Rome and Brussels.
However, Minister Giovanni Tria has hinted that Italy will remain in its position. “As for 2018, we do not change the objectives. We will see in the final balance whether or not we have respected the commitment made with the European Commission; there will be no enlargement of the budget and no restrictions, in the sense of corrective action, as we have already said ”. In fact, in the last few days the minister had linked a possible autumn corrective maneuver to the update of the Def The idea now is to postpone everything to the budget law.
In light of Ecofin's coldness, Italy will have to continue working on the review of public spending in favor of investments. Even the funding for the management of migrants can no longer be calculated in the extra 3% deficit. A joke also about the black swan, therefore about the possibility evoked by Minister Paolo Savona, that an external event pushes us out of Europe, "I don't consider black swans, otherwise I wouldn't have to leave the house anymore because a tile could fall on my head ".
For now, the most threatening tile is that of the reform of European governance wanted by France and Germany, which would penalize Italian banks and limit the autonomy of governments over economic policy. The government has already practically avoided it, thanks to the pressure of the same Tria and, on the front of the European Central Bank, of the President of the European Parliament Tajani.
The other EU recommendations (European Commission and now Ecofin) to Italy are the usual ones. The shift of taxation from work, the reduction of tax deductions and deductions, the reform of the land registry, the strengthening of the mandatory use of electronic payments. Then the shift of welfare spending from pensions to social spending.