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Assessment and recommendations

I. Macroeconomic performance

Following robust growth in 2000, activity is slowing down
Short-term prospects and risks
A medium-term challenge: rising multifactor productivity

II. Fiscal policy: reducing debt and the tax burden

Overview
Recent budgetary developments
Debt dynamics and debt management
The tax reform programme

III. Public spending in Italy: policies to enhance its effectiveness

General government expenditure and forces shaping them
Correcting the deficiencies in public spending management and control
Issues in fiscal federalism
Assessment and agenda for further reform

IV. Structural reforms to raise potential growth

The policy implications of the 1990s growth slowdown
Policies to boost employment
Policies to boost productivity
Product and financial market reform to improve competitiveness
Conclusions