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Italy’s budget for next year reflects fiscal caution

Wednesday, December 7, 2022

Significance

The government proposes a moderate increase in spending, largely funded by better-than-expected GDP growth. Rome has committed to the previous government's fiscal consolidation path. However, its proposals on welfare, pensions and tax are opposed by opposition parties and big business.

Impacts

  • Significant reforms such as increasing the retirement age are unlikely under the current government.
  • The government is unlikely to resist reforms tied to the EU recovery fund over the next year, at least.
  • Conflict between Brussels and Rome is most likely to occur over immigration policy.

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