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

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  • Paola Veroni

    (Observatoire français des conjonctures économiques)

Abstract

Pour l’Italie, la décennie qui vient de s’écouler a été marquée surtout par un effort d’assainissement des finances publiques, qui a été le plus important des pays de la zone euro. Seul pays de l’UE à débuter la décennie avec un déficit primaire, l’Italie devait faire face à une défiance croissante quant à la soutenabilité de son endettement, à sa capacité à maintenir l’ancrage au SME, d’abord, à respecter l’objectif de participation à l’Union monétaire européenne, ensuite. Mais le pari est gagné par l’Italie et la décennie se conclut avec sa participation à l’UEM. L’importance de la consolidation budgétaire est d’autant plus remarquable qu’elle a été poursuivie en période de forte instabilité politique et de très faible consensus. Malgré cela, la dimension discrétionnaire de la politique budgétaire a été importante et l’effort entièrement structurel. L’Italie n’a pas laissé agir complètement les stabilisateurs automatiques au cours de la décennie, et la plupart de l’assainissement du solde primaire a été fondé sur une politique pro-cyclique de hausse d’impôt. Cette politique, couplée à des conditions monétaires restrictives, a pénalisé la croissance, amplifié l’écart avec les pays de l’Union européenne et causé une baisse significative de la part du revenu disponible des ménages dans le PIB. Vers la fin de la décennie le processus d’assainissement s’est accompagné d’une importante réforme de la fiscalité d’entreprise et de l’imposition des revenus du capital, ainsi que du système de recouvrement d’impôts et de lutte contre la fraude fiscale. Les recettes provenant de ces dernières actions ont permis, via la baisse de l’impôt sur le revenu des personnes, une redistribution des ressources en faveur des ménages, qui avaient supporté l’essentiel de l’assainissement fiscal. Par ailleurs, grâce aux remarquables résultats obtenus, l’Italie a pu ralentir le processus de consolidation budgétaire et se limiter à viser la position minimale lui permettant de faire face aux effets budgétaires des fluctuations conjoncturelles. À l’aube de la nouvelle décennie, la politique budgétaire peut s’orienter vers le soutien d’une croissance, qui redémarre enfin.

Suggested Citation

  • Paola Veroni, 2001. "Dix ans de politique budgétaire au service de l’euro : l’exemple italien," Sciences Po publications info:hdl:2441/2545, Sciences Po.
    • Handle: RePEc:spo:wpmain:info:hdl:2441/2545
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    References listed on IDEAS

    as
    1. Perotti, Roberto, 1996. "Fiscal Consolidation in Europe: Composition Matters," American Economic Review, American Economic Association, vol. 86(2), pages 105-110, May.
    2. Alessandro Missale & Francesco Giavazzi & Pierpaolo Benigno, "undated". "Managing the Public Debt in Fiscal Stabilizations: the Evidence," Working Papers 118, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    3. Zaghini, A., 1999. "The Economic Policy of Fiscal Consolidations: The European Experience," Papers 355, Banca Italia - Servizio di Studi.
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