Italy: Staff Report for the 2011 Article IV Consultation; Informational Annex; Public Information Notice; Statement by the Staff Representative; and Statement by the Executive Director for Italy.
July 12, 2011
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Italy’s economic development after the recession is analyzed in this study. Earnings were hampered by low net interest and high loan-loss provisions, but banks remained profitable. A large and stable retail funding base and ample collateral to access eurosystem refinancing helped Italian banks to face liquidity and funding risks. The tax system was simplified to support growth and enhance tax compliance. The execution of fiscal federalism should not undermine fiscal discipline, and measures were taken to improve employment. Flexibility introduced by the labor market was welcomed.
Subject: Banking, Debt rescheduling, Expenditure, Fiscal consolidation, Fiscal policy, Labor, Labor markets, Public debt
Keywords: CR, deficit, Europe, Fiscal consolidation, Global, government, government bond spread, government debt ratio, HICP inflation, IMF staff calculation, ISCR, Italy's outlook, Labor markets, tax expenditure, tax reform
Pages:
66
Volume:
2011
DOI:
Issue:
173
Series:
Country Report No. 2011/173
Stock No:
1ITAEA2011001
ISBN:
9781462301195
ISSN:
1934-7685
