Economic surveys and country surveillance

OECD’s Gurría welcomes Italian government measures to strengthen public finances

 

05/12/2011 - OECD Secretary-General Angel Gurría has welcomed the measures adopted by the Italian government to address fiscal sustainability while boosting growth and equity. He said the proposed reforms to the pension system go in the right direction of raising the retirement age while introducing flexibility at the end of a person’s career.

“The revenue measures address the need for fiscal consolidation, while lowering the tax burden on business and on hiring women and young people, so contributing to growth and employment. The composition of measures also aims at addressing inequality with an emphasis on taxing wealth and luxury goods, and combating tax evasion,” said Mr Gurría.

“Such measures should ensure the target of a balanced budget by 2013 is met. They will be complemented by policies to reduce the debt. Italy’s fiscal consolidation efforts will contribute significantly to strengthening the euro. The government can build on and further strengthen the fundamentals of the Italian economy so that the current difficult phase for the country and for Europe can be put behind us.”

The measures aim at liberalizing service sectors and boosting competition, so opening up new opportunities for investment and jobs, he said. “Given Italy’s long-standing structural impediments to growth we encourage the government to introduce as early as possible additional measures aimed at facilitating productivity growth and resource reallocation in product and labour markets. At the same time it must address concerns about distribution and equality.”

The OECD will continue to support the Italian government, building on best practices in dealing with growth, equity, job creation and fiscal consolidation, Mr Gurría added.

 

 

 

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