31/5/2011 00:00:00

Reducing the burden of taxation on businesses and work is what asked the governor of the Bank of Italy, Mario Draghi, in his Final Considerations at the Meeting of the Central Bank. ”The high rates on workers and businesses income should be reduced significantly – he said -, offsetting the loss of revenue, with further recovery of tax evasion, in addition to that, really appreciated, that the tax administration has recently achieved. ” ”To encourage the use of risk capital – added Draghi – should be cut as part of an overall consolidation of the public budget, the tax burden on the profits attributable to the return on capital, while still on the side of firms he stressed that “we need a greater number of medium and large firms able to access quickly and effectively to international markets.” Regarding the fiscal situation, Draghi said that “the goal of reaching the balance of the budget in 2014 and the intention to bring forward to June, the definition of corrective action for 2013-14 are appropriate, since due to pension reforms undertaken since the mid-nineties, to a banking system that did not require bailouts, to a prudent expenditure management during the crisis, the effort that is required to us is less than in many other advanced countries. A timely , structural maneuver, credible in the eyes of international investors, may substantially limit the negative effects on the macroeconomic framework. ” As for federalism, can help in the management of public finances but on two conditions: that new local taxes to be “accompanied by a tax cut to the center” and that there is “a control on the legality of the new decentralized tasks, while the” primary current expenditure will still have to shrink by more than 5% in real terms over the three years 2012-2014, returning, in relation to GDP, at the level of the beginning of the last decade.” The governor then has reiterated its appeal to “return to growth” and “to face the challenges by giving a clear information to the community even when the solutions should be adverse to the immediate interests of segments of society.” Draghi recalled in this respect also his first speech to the Forex in Cagliari in 2006, when stressing that “the Italian economy appeared shelved” he remarked that “its structural delays were not to be regarded as a sign of an inevitable decline.”

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