tl;dr: not much has changed, there are still the same thresholds (3% and 60%) but the repayment plans are a little more flexible (4 years which become 7 in exchange for reforms and investments)
The new Stability Pact provides that EU countries with public debt exceeding 60% of GDP will have to present reduction plans over 4 years which can be extended to 7 in exchange for reforms and investments. The plans will be national. The benchmark will be net primary expenditure (public expenditure excluding interest expenditure, cyclical unemployment expenditure, expenditure financed by EU grants). For EU states with a deficit above 3% of GDP or a public debt above 60% of GDP, the Commission will publish a country-specific “reference trajectory”, which will provide medium-term public finance adjustment objectives for prepare plans and ensure that debt is placed on a plausibly downward path or remains at prudent levels. The “reference trajectories” will arrive at the individual countries by 21 June to allow them to send the multi-annual spending plans to Brussels by 20 September.
Quantitative safeguards are also envisaged – desired by Germany – on debt and deficit: reduction of debt by 1% per year if it exceeds 90% of GDP; deficit at 1.5% in periods of growth. However, the indebted countries have a certain flexibility for the years 2025, 2026 and 2027 linked to the greater interest on the debt and investments in green, digital and defense: the Commission, in order not to compromise the positive effects of the Pnrr, will take this into account in the procedures for excessive deficit when it defines the annual reduction parameter. Furthermore, the national co-financing of projects financed with cohesion funds will not be considered in the net primary expenditure and there is no ceiling for the separation. The reform of the Stability Pact will now pass to the Agriculture Council on Monday 29 April for the final green light.
https://old.reddit.com/r/italy/comments/1cb8xhy/riforma_del_patto_di_stabilità_ue_approvate_le/
Posted by giuliomagnifico
2 Comments
Tutti i partiti Europei agli “antipodi” politici lo contestano, sia le “estreme sinistre” che le “estreme destre”, forse non è così malvagio. Però, siccome non ne capisco nulla, aspetto domani di sentire l’opinione di economisti/professori/opinionisti per farmi un’idea precisa.
Questa è la bomba ad orologeria nelle mani del governo Meloni, i governi Conte II, Draghi e Meloni hanno potuto ignorare i vincoli di bilancio a causa della crisi pandemica, dalla legge di bilancio del 2025 non sarà più così e i nodi verranno al pettine, non sorprendetevi se il governo salta a Settembre 2025 perché iniziano a capire che dovranno fare dei grossi tagli alla spesa con i pagamenti del superbonus che gli fiateranno sul collo.
Questo ammesso che il governo non cada prima ovviamente, siamo in Italia in fondo.