Podcast

Director’s Cut: The Italian government budget proposal for 2019

Guntram Wolff welcomes Bruegel affiliate fellow Silvia Merler to evaluate the Italian government’s planned budget for 2019, in this Director’s Cut of ‘The Sound of Economics’

By: Date: September 28, 2018 Topic: European Macroeconomics & Governance

Six months after its election, Italy’s coalition government reached an agreement on public spending.

The key tenets of its first budget include a spending increase that will drive the budget deficit to 2.4% of GDP, tax cuts, a proposal for a minimum income for the unemployed, as well as cancellation of the plans to increase retirement ages.

Though the new deficit budget fits into the EU’s limit of 3%, Italy’s debt of €2.3 trillion makes for a difficult case to increase spending. The news comes as a blow for the finance minister Giovanni Tria, who pushed for a more fiscally responsible budget, trying to limit budget deficit to 1.6% of GDP. The decision also received disapproval from Brussels, with EU Economics Commissioner Pierre Moscovici criticising Italy for “flouting the rules” and disregarding its large debt.

To discuss the potential consequences, Guntram Wolff welcomes Bruegel affiliate fellow Silvia Merler to this Director’s Cut of ‘The Sound of Economics’.

For further reading, we recommend Guntram Wolff’s opinion piece on how to overcome the hurdles obstructing Italian growth, as well as Silvia Merler’s note comparing the capital flight from Italy in 2018 with similar such scenarios witnessed in 2011 and 2016.

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Podcast

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What should public spending look like?

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By: The Sound of Economics Topic: Global Economics & Governance Date: July 14, 2021
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Policy Contribution

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Negative rate cuts are not that different from ‘standard’ rate cuts. Like them, they reduce banks’ margins, but this effect does not appear to be amplified below 0%.

By: Grégory Claeys and Lionel Guetta-Jeanrenaud Topic: European Macroeconomics & Governance Date: July 7, 2021
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Past Event

Past Event

EU debt vs national debts: friends or foes?

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Speakers: Grégory Claeys, Yves Jacob, Gert-Jan Koopman, Pablo de Ramón-Laca and Imène Rahmouni-Rousseau Topic: European Macroeconomics & Governance Date: June 29, 2021
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By: The Sound of Economics Topic: Innovation & Competition Policy Date: June 23, 2021
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Podcast

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By: The Sound of Economics Topic: Global Economics & Governance Date: June 16, 2021
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Podcast

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External Publication

The Value of Money, Controversial Economic Cultures in Europe: Italy and Germany

A discussion of Italian and German macro-economic cultures and performances.

By: Francesco Papadia Topic: European Macroeconomics & Governance Date: June 10, 2021
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