Press Release: Commission assesses the updated Stability Programme for Italy (2000-2004)

On 24.1.01, the European Commission made a recommendation to the Council of Ministers on the updated stability programme for Italy, which covers the period 2000-2004. The Commission noted that the updated stability programme sets new and slightly tighter targets for the general government budget balance in 2000 and beyond. The new targets for 2001 and beyond comply with the Council opinion of 28.2.00 on the previous updated programme and the Broad Economic Policy Guidelines of June 2000. To secure a successful continuation of the fiscal adjustment process, Italy must firmly commit itself to respect the programme's objectives. Any deviation from the objectives should be promptly addressed. Moreover, Italy should take every opportunity to improve future budgetary targets and speed up the consolidation process, so as to accelerate the reduction of the high government debt ratio. On the basis of the Commission's recommendation, the Council is expected to adopt a formal opinion on the update of Italy's stability programme on 12.2.01.