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Dix ans de politique budgétaire au service de l'euro : l'exemple italien

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  • Paola Veroni

Abstract

The closing decade for Italy has been marked by the most important fiscal consolidation effort among the euro zone countries. The discretionary dimension of consolidation, although pursued in an unstable political environment, has been significant and the effort entirely structural. Italy has not completely allowed fiscal stabilisers to work and stabilisation has been based on pro-cyclical tax growth. The restrictive fiscal stance, coupled with tight monetary conditions has penalised growth, amplified the gap with the European Union and caused a fall in households disposable income. The increase in tax revenues, as a result of a comprehensive reform of taxation and of the tax declaration procedure, has allowed to lower personal income tax. At the eve of the new decade Italy can slow the consolidation process and orient fiscal policy to support recently accelerating economic growth.

Suggested Citation

  • Paola Veroni, 2001. "Dix ans de politique budgétaire au service de l'euro : l'exemple italien," Revue de l'OFCE, Presses de Sciences-Po, vol. 76(1), pages 139-178.
    • Handle: RePEc:cai:reofsp:reof_076_0139
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    Cited by:

    1. Jérôme Creel, 2001. "Faut-il contraindre la politique budgétaire en Union monétaire ?. Les enseignements d'une maquette simulée," Revue de l'OFCE, Presses de Sciences-Po, vol. 77(2), pages 199-249.
    2. repec:spo:wpecon:info:hdl:2441/2943 is not listed on IDEAS
    3. repec:hal:wpspec:info:hdl:2441/2943 is not listed on IDEAS
    4. repec:hal:spmain:info:hdl:2441/2943 is not listed on IDEAS

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