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PUBLIC ACCOUNTS AT RISK: THE FAULT OF THE NEW CUTS

The OECD says the Outlook economism: the Italian public finances would "deteriorate" in 2008 as a result of slower growth and measures to increase the deficit by providing a report for this year's deficit / GDP 2.5% and 2.7% for 2009 (was 1, 9% in 2007). According to the organization, "you might regret it" cuts the tax burden, particularly in the case of the ICI tax cut and the abolition of IRAP, "if the recent improvements in tax collection and the consequent widening of the tax base will not be supported '.

According to the OECD, the public deficit Italian - which in 2007 was "significantly reduced" - should return 'to worsen in 2008. " Also according to the OECD, the Italian economy will grow by only 0.5%. In 2009 the gross domestic product should increase instead of 0.9%. The Combined Report on the economy, the Treasury expected in March grew by 0.6% this year.

As regards expenditure, the OECD notes, "social transfers and public investment should grow." For the international organization "you will regret" if the fight against tax evasion and the consequent increase in the tax base "does not confirm." Moreover, 'no improvement in the primary should be recorded in the next two years. " However, the OECD notes, "the reduction of the debt / GDP is expected to continue at a slower pace."

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"bogeyman" ITALIAN: THE PUBLIC DEBT

I the public debt of Italy, or the accumulation of past deficit spending, remains the highest among EU member states, and this' as stated in the decision of the Ecofin repealed the infringement procedure for excessive deficit in Italy. "As regards the debt of Italy - says the decision del'Ecofin - after declining for a decade just below 104% in 2004 remained well above the EU ceiling of 60%. And 'then increased by 2% in 2005 and a further 0.6% in 2006, before dropping back to 104% in 2007. In line with the European Commission's spring forecast due to the policy change is expected to drop around the 102.5% in 2009. " However, the Ecofin concludes that while the rate of debt remains high in Italy and clearly above the reference value, can be considered to have fallen in line with the correction of the excessive deficit in 2007. "

Yesterday, meanwhile, Eurostat has published GDP estimates for the first quarter. GDP in the euro zone and EU-27 rose by 0.8% in the first quarter compared to the previous three months. The growth of GDP for Italy (ISTAT published the other day) was 0.4%. This is the lowest growth of all countries of the European Union.