This country page contains, or links to, DG ECFIN’s recent analytical work on the economy of Italy.
In 2015, the Commission made six country specific recommendations to Italy to help it improve its economic performance. These are in the areas of: public finances and taxation; infrastructure investment and EU funds; public administration and justice system; financial sector; labour market, wage-setting and education; simplification and competition.
The Commission publishes macroeconomic forecasts for the EU and the Member States three times a year, in the spring (May), in the autumn (November) and in the winter (February). These forecasts are produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN).
As required by the Stability and Growth Pact, each spring Italy submits a stability programme which presents an update of the medium-term fiscal strategy.
Based on an assessment by the Commission prepared by DG ECFIN, the Council adopts an opinion on the programme and country-specific recommendations in the scope of the European Semester.
Euro area Member States submit stability programmes while countries outside the euro area submit convergence programmes.
Italy is currently not subject to an Excessive Deficit Procedure.
As required by the Two Pack, Italy submits its draft budgetary plan to the Commission by October 15 every year, prior to the adoption of the budget.
As part of the Europe 2020 strategy for a smart, sustainable and inclusive EU economy, each spring Italy submits a national reform programme (NRP). Based on an assessment by the Commission prepared by DG ECFIN, the Council adopts country-specific recommendations in the scope of the European Semester.
The Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims to identify potential risks early on, prevent the emergence of harmful macroeconomic imbalances and correct the imbalances that are already in place. The annual starting point of the MIP is the Alert Mechanism Report: Based on a scoreboard of indicators and economic judgment, it is a filter to identify countries and issues for which a closer analysis (in-depth review) is deemed necessary. The outcome of these in-depth reviews forms the basis for further steps under the MIP.
An in-depth review for Italy has been carried out in: