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Il confronto tra politiche di rigore fiscale e politiche di sviluppo economico in Italia e nell'UE


  • Aurelio Bruzzo


  • Massimiliano Di Pace


Austerity Fiscal policies versus Development policies in Italy and European Union The debate on economic policy issues underway in Italy and EU shows two different stances: on one hand a support to restrictive budgetary policy, aimed at achieving the balance of government finance, as required by European Union, and accepted by 25 EU countries, that is the ones signatories of the Fiscal Compact; on the other hand the priority assigned to the objective of economic development, shared by many representatives of the political and academic institutions of southern European countries, who claim to loosen the constraints stemming from public finance surveillance. In this framework the first paper, drafted by Aurelio Bruzzo, recalls this debate, highlighting the considerations mentioned by each group of economists, which you may find mixed in some studies worked out by supporters of intermediate positions. The second paper, written by Massimiliano Di Pace, after having pointed out the reasons and the content of the Fiscal Compact, as well as the changes to the Italian Constitution entailing the budget balance rule, quantifies the impact of these new guidelines of fiscal policy on Italian public finance. Both papers of this work are based on the belief that the two intended objectives of ongoing economic policy, that is financial stability and economic recovery, are not alternative, but complementary, and, under certain conditions, also compatible. In fact, together with the Fiscal Compact, it is still operational the Europe 2020 strategy, whose main objective is to create conditions for an intelligent, inclusive and sustainable economic growth.

Suggested Citation

  • Aurelio Bruzzo & Massimiliano Di Pace, 2013. "Il confronto tra politiche di rigore fiscale e politiche di sviluppo economico in Italia e nell'UE," Working Papers 2013222, University of Ferrara, Department of Economics.
  • Handle: RePEc:udf:wpaper:2013222

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    Budget policy; Fiscal Policy; Development Policy; European Union; Government Debt; Deficit; Fiscal Compact;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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