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Price stability and balanced public accounts as a condition for sustainable development

Author

Listed:
  • C.A. CIAMPI

    (Minister for Treasury, Budget and Economic Planning, Rome (Italy))

Abstract

The article illustrates Italy's economic recovery as part of a process of renewal involving the institutions, every area of the economy and Italian society as a whole. After the turning point in 1992, a general consensus emerged that European integration was necessary and fully consistent with the national interest. In this context, the three components of economic policy - budgetary policy, incomes policy, monetary policy - are working in tandem, ensuring stability, the essential condition from any lasting and sustainable growth. Thus inflation has now been beaten; the balance of payments on current account has recorded increasing and substantial surpluses, and there has been a huge reduction in the budget deficit, with a large primary surplus. The sustainability of these results is ensured by the implementation of structural reforms: tax reform, reform of central government budget, reform of the civil service, pensions reform and reform of Italy’s commercial system.

Suggested Citation

  • C.A. Ciampi, 1998. "Price stability and balanced public accounts as a condition for sustainable development," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 51(204), pages 3-16.
  • Handle: RePEc:psl:bnlaqr:1998:11
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10587/10471
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    More about this item

    Keywords

    Sustainable development; European integration; Italy;
    All these keywords.

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F15 - International Economics - - Trade - - - Economic Integration

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