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Arm-wrestling within the Italian government and between Italy and Brussels to find a solution to the Italian budget and avoid the Excessive Deficit Procedure. After Italy’s exit from a technical recession in H2 2018, economic data are still pointing to weakness, and many risks loom in the second half of this year. Weak growth prospects are making it more difficult to comply with deficit and debt targets, although some savings may come from lower spending. In any case, the 2020 budget is the most challenging test for the government.
Sergio BERTONCINI, Annalisa USARDI
Although the big part of the discussion on the Italian budget law has gravitated around the citizenship income and the pension system changes,the Italian Budget Law for 2019 contains some provisions that so far had less resonance but that could have positive impact on the Italian economy, although some challenges remain on the implementation front.
Annalisa USARDI, Gregorio VANIN
Head of Multi Asset CIO Italy