出版社：Organisation for Economic Co-operation and Development (OECD)
摘要：Italy’s policy of fiscal consolidation and growth-friendly structural reforms has substantially improved its economic prospects, but the adverse sentiment that the country has faced in the sovereign bond market over the past years has deep roots. It reflects lingering anxieties over the euro area’s future, as well as persistent economic and financial difficulties, in particular the high level of public debt and low potential growth. The government has rightly aimed to halt the rise in the public debt-to-GDP ratio and put it on a downward path. This could be achieved with either a balanced government budget or a small fiscal surplus. While additional fiscal tightening would have negative effects on output in the short term, it would be rewarded by faster debt reduction and lower risk of renewed financial-market reactions. In any case, the automatic stabilisers should be allowed to work.
关键词：TARGET2; non-performing loans; fiscal sustainability; banking system; public debt; balanced-budget rule; capital ratios; fiscal council; pension reforms; Italy; budget deficit; loan loss provisions; financial stability
