council decis januari commun loan favour italian republ eec council european commun regard treati establish european econom commun regard council regul eec june establish singl facil provid medium term financi assist member state balanc payment articl thereof regard propos commiss submit consult monetari committe italian republ appli medium term financi assist support balanc payment econom programm adjust reform total amount outstand previou loan grant member state ceil regul eec addit problem balanc payment aris substanti capit outflow occur recent period currenc turbul consequ reduct offici reserv increas short term indebted italian economi exhibit structur imbal public financ domain affect stabil extern posit balanc payment loan disburs tranch justifi measur consolid adjust undertaken proce loan strenghten italian offici reserv intent italian govern enter exchang rate mechan erm european monetari system make erm entri sustain requir implement programm achiev progress reduc inflat improv structur public financ object improv converg perform commun economi met substanti reduct public sector deficit lead declin trend public debt gdp ratio reform organis public sector tight monetari polici firm exchang rate polici italian govern pursu year programm budgetari adjust aim substanti reduc deficit public debt ratio stabil put downward trend present programm applic loan base italian govern implement fulli programm budgetari adjust reform year period achiev target introduc specif measur programm agre budgetari target set order achiev stabil public debt ratio basi project gdp growth lit trillion state sector borrow requir surplu state sector borrow requir net interest payment primari surplu lit trillion lit trillion state sector borrow requir primari surplu lit trillion lit trillion state sector borrow requir primari surplu lit trillion burden interest payment foreseen exce project present italian author lit trillion lit trillion target primari surplu revis upward time detail budget propos year announc order ensur respect target total borrow requir stabil gross public debt gdp ratio primari surplu maintain suffici high level ensur reduct total deficit downward trend debt ratio deficit target set absolut amount state basi latest macro econom project made italian author repres state sector borrow requir gdp primari surplu gdp develop state sector gross debt gdp ratio end end end programm privat state own asset pursu italian author intend provid net proce state sector account lit trillion lit trillion lit trillion framework legisl pass italian govern publish list public sector enterpris state own asset privat indic timet sale state sector privat receipt excess plan increas state sector primari surplu reduc debt ratio substitut adjust expenditur revenu framework enabl legisl enact italian govern continu implement detail measur structur reform area health care aim reduc ineffici expenditur render region level govern fulli respons expenditur overrun incur oper decentr nation health servic civil servic order improv control expenditur compens employe effici product public administr recours extend mobil personnel increas manageri respons pension object stabil pension expenditur rel gdp rais retir ag harmon pension scheme limit index protect purchas power local financ order decreas depend local author transfer central govern introduc form local taxat intent italian author continu pursuit polici monetari sphere field incom conduc reduc rate inflat gear primari object inflationari pressur growth rang consist project nomin gdp growth conjunct object banca italia close monitor growth rate domest credit consist object rate inflat expans monetari target turn continu line declin inflat project italian govern budgetari adjust year programm intent italian govern introduc legisl design abolish legal possibl monetari financ end anticip object articl treati european union italian govern seek secur wage moder economi build juli agreement govern trade union industri employ associ reform wage set mechan maintain plan wage restraint public sector agre implement decis italian author consult close commiss make inform full effect monitor agre programm adjust accord decis develop italian economi italian econom polici review year framework multilater surveil frequent warrant adopt decis articl commun grant italian republ regul eec loan ecu million equival amount currenc articl loan made italian republ instal averag life instal exce year averag life loan exce year instal made instal amount ecu million equival currenc earlier februari instal amount ecu million equival amount currenc releas earlier juli case commiss consult council light examin made collabor monetari committe progress execut programm satisfi addit measur budgetari target programm take account weaker econom growth higher interest rate project achiev fourth instal made septemb italian govern collabor commiss reassess budgetari target achiev kei object medium term programm light actual prospect macroeconom develop instal amount ecu million equival amount currenc releas earlier februari case commiss consult council light examin made collabor monetari committe satisfi measur achiev budgetari target set implement septemb italian govern collabor commiss reassess budgetari target achiev kei object medium term programm light actual prospect macroeconom develop fourth instal amount ecu million equival amount currenc releas earlier februari case commiss consult council light examin made collabor monetari committe satisfi measur achiev budgetari target set implement articl loan grant basi decis italian republ implement budgetari adjust reform programm present object set recit decis commiss collabor monetari committe examin regular interv evolut econom situat itali execut budgetari adjust reform programm implement examin continu loan fulli repaid articl decis address italian republ brussel januari council presid pedersen oj