council opinion march 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 march council examin updat stabil programm itali cover period italian gdp grew averag rate year euro area decad itali experienc mark slowdown product growth progress deterior competit lead steadi loss export market share signific contract manufactur activ itali undertook signific fiscal consolid effort reduc govern deficit gdp end decad deficit rose gdp remain close signific measur primari surplu gdp fell gdp declin debt gdp ratio peak slow consider end debt gdp opinion februari previou updat stabil programm council invit itali ensur achiev deficit target achiev budgetari posit close balanc ensur debt gdp ratio diminish rapid pace pai attent debt increas factor net borrow juli council decid itali excess deficit council recommend articl date excess deficit correct februari commiss adopt commun conclud action itali januari deadlin set council fulli implement consist consolid path contain council recommend deficit estim gdp target gdp set previou updat target miss due shortfal gdp growth ii slippag primari expenditur sale real estat fulli compens higher revenu lower interest expenditur iii carri effect essenti due statist revis programm broadli model structur deviat materi point data provis requir stabil converg programm code conduct updat submit week decemb deadlin set code conduct reflect author incorpor final version budget macroeconom scenario underli programm envisag real gdp growth pick slightli averag rest programm period assess inform scenario appear plausibl programm project inflat realist budgetari strategi outlin programm aim reduc deficit gdp pursu fiscal consolid balanc budget subsequ year primari balanc plan improv gdp budgetari correct larg expenditur driven year inform limit size correct requir achiev budgetari target rel trend deficit base unchang legisl compar previou programm updat frontload plan adjust favour macroeconom scenario deficit target gdp wors previou updat frontload fulli offset effect weaker start posit programm period structur balanc cyclic adjust balanc net temporari measur calcul commonli agre methodolog plan improv averag gdp year programm set medium term object mto budgetari posit meant stabil growth pact balanc budget aim achiev programm period programm mto demand minimum benchmark estim deficit gdp achiev fulfil aim provid safeti margin occurr excess deficit minimum benchmark achiev programm mto level li rang euro area erm ii member state stabil growth pact code conduct adequ reflect debt ratio averag potenti output growth long term budgetari outcom wors project programm signific uncertainti implement budget sizeabl expenditur save inform measur envisag size need fiscal correct underestim take account balanc risk correct excess deficit deadlin set council crucial reli full effect implement budget specif implement substanti correct measur achiev safeti margin hing risk specif implement correct measur year year correct excess deficit pace adjust programm mto impli programm line stabil growth pact specifi euro area erm ii member state annual improv structur balanc gdp benchmark adjust higher good econom time lower bad econom time debt ratio estim reach gdp gdp treati refer highest eu programm project debt ratio declin percentag point programm period evolut debt ratio favour project programm risk budgetari target mention uncertainti stock flow adjust view risk assess strengthen budgetari posit guarante suffici diminish debt ratio refer regard sustain public financ itali appear medium risk ground project budgetari cost ag popul past reform help futur rise public expenditur full implement notabl pension reform crucial obtain expect result high level gross debt weak budgetari posit necess strong consolid public financ medium term reduc risk public financ sustain envisag measur area public financ broadli consist broad econom polici guidelin includ integr guidelin period itali take action correct excess deficit commit ensur averag annual structur adjust net measur line stabil growth pact envisag rapid pace govern debt reduct nation reform programm itali submit octob context renew lisbon strategi growth job identifi challeng extend area free choic citizen compani open energi servic market grant incent scientif research technolog innov strengthen educ train upgrad infrastructur protect environ regard public financ sixth prioriti long term fiscal sustain address econom financi plan document dpef juli measur area public financ envisag nrp dpef broadli line action foreseen stabil programm updat outlin measur reduc social contribut encourag privat pension save reduc health care deficit view assess programm consid consist correct excess deficit subject full effect implement budget specif adopt substanti measur light recommend made council articl treati juli order strengthen sustain public financ council invit itali achiev structur effort envisag programm order ensur correct excess deficit credibl sustain manner ii spell broad measur underli adjust path outer year programm ensur adjust medium term object remain line stabil growth pact requir iii ensur debt gdp ratio declin gdp treati refer rapid pace includ pai attent factor net borrow contribut chang debt level iv improv budgetari process increas transpar effect implement past mechan monitor control report expenditur comparison kei macroeconom budgetari project note sourc stabil programm sp commiss servic autumn econom forecast commiss servic calcul real gdp chang sp decemb nov sp novemb hicp inflat sp decemb nov sp novemb output gap potenti gdp sp decemb nov sp novemb gener govern balanc gdp sp decemb nov sp novemb primari balanc gdp sp decemb nov sp novemb cyclic adjust balanc gdp sp decemb nov sp novemb structur balanc gdp sp decemb nov sp novemb govern gross debt gdp sp decemb nov sp novemb oj regul amend regul ec oj document refer text found websit http europa eu int comm economi financ activ sgp main en htm budgetari impact measur amount gdp deficit gdp gdp off option chapter quot institut featur public financ quot miss programm gap compulsori data provid option data prescrib code conduct breakdown budget consist deficit target year amnesti unpaid social contribut agricultur sector debat italian parliament eventu approv subject statist verif produc limit upward revis deficit debt ratio detail long term sustain provid technic assess programm commiss servic http europa eu int comm economi financ activ sgp main en htm commiss servic autumn forecast base inform cut date novemb base draft version budget commiss servic calcul basi inform programm cyclic adjust balanc previou row exclud temporari measur temporari measur calcul commiss servic gdp gdp deficit reduc temporari measur commiss servic autumn forecast gdp deficit reduc commiss servic interim forecast februari project growth base estim potenti growth period