Price stability and balanced public accounts as a condition for sustainable development

C.A. Ciampi
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C.A. Ciampi: Minister for Treasury, Budget and Economic Planning, Rome (Italy)

BNL Quarterly Review, 1998, vol. 51, issue 204, 3-16

Abstract: The article illustrates Italy's economic recovery as part of a process of renewal involving the institutions, every area of the economy and Italian society as a whole. After the turning point in 1992, a general consensus emerged that European integration was necessary and fully consistent with the national interest. In this context, the three components of economic policy - budgetary policy, incomes policy, monetary policy - are working in tandem, ensuring stability, the essential condition from any lasting and sustainable growth. Thus inflation has now been beaten; the balance of payments on current account has recorded increasing and substantial surpluses, and there has been a huge reduction in the budget deficit, with a large primary surplus. The sustainability of these results is ensured by the implementation of structural reforms: tax reform, reform of central government budget, reform of the civil service, pensions reform and reform of Italy’s commercial system.

Keywords: Sustainable development; European integration; Italy (search for similar items in EconPapers)
JEL-codes: E63 E65 F15 (search for similar items in EconPapers)
Date: 1998
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