Private equity investment learning: Italian Prime Minister promises to achieve estimated balance before 2013

by zpeixun916 on 2012-02-13 13:06:35

Moreover, Monti showed that the economic liberalization reform to promote economic recovery in the country would include a package of measures. "We hope to create more space for competition in multiple industries, including reducing industry protection and differences inside and outside the industry, and reforming the labor market to help young people find jobs more easily."

Italian Industry Minister Pasqual said that the economic liberalization reform would be gradually introduced and involve a very wide range of industries. "We will promote in multiple industries: natural gas, energy, commerce, transportation, and freelance industries are all included. Every step of the reform will create more sustainable economic growth." Currently, Italy's anti-monopoly department has announced a series of reform plans, including separating the postal bank from government postal services, privatizing local postal services, and supporting independent operators in the energy sector.

Monti also emphasized that the Italian government would firmly implement the 20 billion euro budget cut plan passed in December 2011. Specific measures include pension system reform and reducing fund transfers to local governments. He reiterated the need to strengthen efforts against tax evasion, which is estimated to cost the Italian government 120 billion euros annually. In addition, the Italian government will increase revenue through property taxes, luxury taxes, and raising the value-added tax rate.

As the third largest economy in the Eurozone, Italy faces serious unemployment issues, with a youth unemployment rate as high as 30%, and the lowest female employment rate among OECD member countries.

According to The Wall Street Journal, Italian Prime Minister Mario Monti stated on the 8th that the country does not intend to introduce a new fiscal austerity plan, but the previously announced spending cuts and tax increases are sufficient to ensure that Italy achieves its budget balance goal. In addition, the Italian government will adopt a package of economic liberalization measures to promote industry competition, employment, and drive economic recovery.

Monti said in an interview with Italian Radio Television Company (RAI) that the country would achieve budget balance before 2013, with the expected basic surplus accounting for 5% of GDP in 2013.