council opinion februari updat stabil programm itali council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion februari council examin updat stabil programm itali cover period programm compli partli data requir quot code conduct content format stabil converg programm quot inform addit measur foreseen achiev budgetari target year order assess precis path composit adjust itali invit achiev full complianc requir code conduct macroeconom scenario underli programm reflect inform set mid year envisag real gdp growth pick averag rest programm period basi inform scenario reflect favour growth assumpt project growth appear high side current forecast rang ii project evolut growth medium term appear optimist programm project price develop measur gdp deflat realist programm aim gradual reduc nomin budget deficit expect outturn gdp deficit target gdp gdp programm longer target medium term close balanc surplu posit cyclic adjust term budget balanc project improv percentag point programm period result measur perman natur bulk adjust percentag point expect place improv cyclic adjust term expect larg part measur replac perman compar previou updat nomin deficit figur percentag point higher plan adjust back load favour macroeconom scenario cyclic condit measur output gap unchang largest part revis deficit structur risk budgetari outcom wors project programm margin narrow lower project econom growth small deviat plan budgetari correct gdp risk link measur classif ana compani charg road mainten entail risk breach gdp refer year past experi exclud fiscal adjust need achiev target present programm underestim view risk assess budgetari stanc programm provid suffici safeti margin breach gdp deficit threshold normal macroeconom fluctuat insuffici ensur stabil growth pact medium term object budgetari posit close balanc achiev end programm period debt ratio estim reach gdp margin level record gdp treati refer programm project debt ratio declin percentag point programm period account ambiti privatis plan coupl improv primari balanc acceler econom growth rapid pace debt reduct hamper debt increas line oper percentag point gdp averag year evolut debt favour project notabl risk budgetari target mention remain uncertainti relat stock flow adjust regard long term sustain public financ itali appear risk adopt pension reform import step address budgetari consequ ag popul contribut improv situat itali respect itali favour posit provid budgetari target fulli implement expect save pension reform achiev departur strategi run larg primari surplus effect lead rapid debt reduct promptli correct econom polici outlin programm partli consist countri specif broad econom polici guidelin area public financ programm envisag medium term close balanc surplu posit budgetari target ensur improv cyclic adjust budget balanc percentag point year recognis improv structur budget balanc net off reach averag point gdp year part tax cut financ mean temporari measur final programm provid suffici inform strengthen mechan expenditur control work outlin clear sourc financ region expenditur view assess council opinion itali ensur achiev deficit target ii make effort structur term achiev budgetari posit close balanc end period cover programm iii ensur debt gdp ratio declin gdp treati refer rapid pace pai attent factor net borrow contribut chang debt level real gdp chang sp oct sp hicp inflat sp oct sp gener govern balanc gdp sp oct sp primari balanc gdp sp oct sp cyclic adjust balanc gdp sp oct sp govern gross debt gdp sp oct sp oj project hicp inflat present programm forecast repres refer valu gener intend wage bargain process