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The policy response to macroeconomic and fiscal imbalances in Italy in the last fifteen years

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  • Antonio Bassanetti

    (Bank of Italy and IMF)

  • Matteo Bugamelli

    ()
    (Bank of Italy)

  • Sandro Momigliano

    ()
    (Bank of Italy)

  • Roberto Sabbatini

    ()
    (Bank of Italy)

  • Francesco Zollino

    ()
    (Bank of Italy)

Abstract

This paper reviews the main macroeconomic trends and the debate on policy priorities in Italy since the end of the Nineties. In the decade up to the outbreak of the global crisis (1998-2007), in Italy the reform process came to a virtual standstill; this is partly due to the fragmentation of the political constituency, while a variety of favourable contingent factors masked the difficulties of the productive system. Had Italy been better positioned in terms of public finances and structural features in 2007, some of the adverse effects of the global and sovereign crises would have been avoided.

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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 211.

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Date of creation: Nov 2013
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Handle: RePEc:bdi:opques:qef_211_13

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Keywords: EMU; fiscal policy; macroeconomic imbalances; global crisis;

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References

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Cited by:
  1. Carlo D'Ippoliti, 2014. "Introduction: welcoming a new editorial board," PSL Quarterly Review, Economia civile, Economia civile, vol. 67(268), pages 3-8.

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