Italy; Staff Report for the 2011 Article IV Consultation; Informational Annex; Public Information Notice; Statement by the Staff Representative; and Statement by the Executive Director for Italy.

Italyâ€™s economic development after the recession is analyzed in this study. Earnings were hampered by low net interest and high loan-loss provisions, but banks remained profitable. A large and stable retail funding base and ample collateral to access eurosystem refinancing helped Italian banks to face liquidity and funding risks. The tax system was simplified to support growth and enhance tax compliance. The execution of fiscal federalism should not undermine fiscal discipline, and measures were taken to improve employment. Flexibility introduced by the labor market was welcomed.

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Year of publication:	2011-07-12
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Article IV consultation reports \| Banking sector \| Economic growth \| Economic indicators \| Economic recovery \| Fiscal consolidation \| Fiscal reforms \| Labor markets \| Public debt \| Staff Reports \| Tax administration \| expenditure \| public expenditure \| fiscal policy \| fiscal federalism \| tax burden \| government expenditure \| tax evasion \| fiscal consolidations \| tax expenditure \| expenditures \| fiscal outlook \| fiscal adjustment \| expenditure growth \| fiscal sustainability \| central government expenditure \| tax system \| fiscal performance \| fiscal deficit \| fiscal retrenchment \| fiscal projections \| primary current expenditure \| fiscal discipline \| public finances \| taxation \| fiscal governance \| fiscal targets \| fiscal decentralization \| tax compliance \| fiscal planning \| capital expenditures \| fiscal balance \| interest expenditure \| fiscal tightening \| long-term fiscal sustainability \| primary expenditure \| fiscal plans \| public spending \| prudent fiscal policy \| spending cuts \| fiscal impact \| tax reform \| general government expenditure \| fiscal package \| fiscal indicators \| fiscal adjustment package \| fiscal stimulus \| tax credit \| fiscal adjustments \| state budget \| vertical fiscal imbalance \| fiscal target \| tax wedge \| fiscal adjustment effort \| budget law \| discretionary fiscal stimulus \| budget expenditure \| expenditure reduction \| government revenue \| fiscal imbalance \| fiscal effort \| expenditure rationalization \| tax incentives \| reduction in transfers \| fiscal contraction \| aggregate demand \| tax revenues \| total expenditures \| expenditure efficiency \| public finance \| fiscal policy framework \| recurrent expenditure \| fiscal space \| primary fiscal balance \| expenditure projections \| fiscal reform \| account deficits \| fiscal stabilizations \| national expenditure \| public expenditure efficiency

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 11/173 6 pages long
Source:	RePEc - Research Papers in Economics

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