Italian Prime Minister Mario Draghi defended expansionist fiscal policies today to promote economic growth and reduce debt, warning that the European Union (EU) is unlikely to recover the rules of the Stability and Growth Pact, suspended due to the pandemic.
“It’s a little tricky to think that the rules will be the same as a few years ago,” said Mario Draghi, after being asked about the dialogue of the 27 EU member states on the possible reform of the Stability and Growth Pact (SGP), which establishes that the deficit cannot exceed 3% of GDP and the debt 60%.
According to the Italian head of government, the EU will have to invest more in the coming years to improve its defense and this will have to require raising spending rules.
PEC rules are on hold from 2020 to 2022.
Mario Draghi was speaking at a press conference after the Council of Ministers to present the update of Italy’s macroeconomic framework for 2021 and for the next three years.
“The economic picture is better than we imagined in the spring, five months ago”, when in April the government of Rome said that growth would be 4.5%, the deficit of 11.8 % and the debt of 159.8%.
The former president of the European Central Bank (ECB) explained that the Italian economy will grow 6% this year, after having fallen 8.9% in 2020, due to the pandemic crisis, adding that the impulse will allow the public deficit to fall to 9.4% of GDP, two tenths less than last year, and the debt to 153.5%, after 155.6% from the last exercise.
The improvement in the economic picture “is the first quantitative confirmation that the high deficit and public debt emerge with expansive growth”, added Mario Draghi, recognizing the need for expansionary measures to boost the economy in a lasting and sustainable way and not in a sense of waste.
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