The community executive will express a judgment based on the adherence of the Meloni government’s maneuver to the May recommendations. A key step for the executive as it prepares to get to the heart of the process in the Senate, with the deadline for amendments expiring
The European Commission’s opinion on Italy’s budget plan for 2024 is expected today, based on the adherence of the Meloni government’s maneuver to the May recommendations. A key step for the executive, as it prepares to get to the heart of the process in the Senate, with the deadline for amendments expiring. But today’s vote will only be a first “vote”, the final judgment on the Budget Law will then be updated in the spring.
What could the Commission say
According to reports The sun 24 hours, in the opinion of the European Commission there should be no big surprises in terms of numbers since in the forecasts released by the community executive on 15 November the improvement in Italy’s structural balance was already seen at 1%, therefore over 0.7% of the required GDP. In the May recommendations, however, there was also talk of implementation of the Pnrr, European funds, enabling law on tax reform and a reduction in taxes on labour.
What is the Budget Plan
As the Mef explains, every year by 15 October the Member States send the European Commission and the Eurogroup a draft budget plan for the following year. The document reports the macroeconomic assessments and priority actions of the government, the update on the progress of the National Reform Program – with particular reference to the level of response to the specific recommendations of the European Commission – and the public finance maneuver for 2024 articulated by type of intervention with relative financial impact (as a percentage of GDP). In particular, the Dpb contains:
- macroeconomic forecasts, highlighting the contributions to growth of the various factors, the evolution of prices, the labor market and the trend of foreign accounts;
- the budget balance target for general government, broken down by the respective subsectors
- the projections of the main revenue and expenditure items of public administrations with unchanged policies
- the revenue and expenditure objectives for the main components of the public administration income statement
- the description and quantification of the measures included in the budget maneuver
- the level of public debt and information relating to the factors that determine its evolution
- information pertaining to public administration spending relating to education, healthcare and active employment policies