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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

Label
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
Language
eng
Abstract
Italy’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
resource.governmentPublication
international or intergovernmental publication
Literary Form
non fiction
Main title
Italy :
Nature of contents
dictionaries
Series statement
IMF Staff Country Reports
Sub title
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
Table Of Contents
Cover; Contents; I. Context: Existing Weaknesses Constrain the Recovery; A. The Global Crisis Left a Difficult Legacy; B. Weak Recovery and New Challenges; II. Outlook: Structural Weaknesses Limit Growth; III. The Policy Agenda: Maintaining Financial Stability and Fiscal Sustainability While Raising Growth Through Reforms; A. Fiscal Policy: Consolidation and Better Expenditure Quality Required; Boxes; 1. Characteristics of Italy's Public Debt; 2. Lessons from the Literature on Fiscal Consolidations; 3. European Semester and Italy; B. Financial Sector: Continuing to Boost Capital Buffers4. The Role of Foundations as Shareholder in the Italian banksC. Structural Reforms: Comprehensive Reforms to Address Long-Term Weaknesses; 5. Italy's Income Inequality in the Wake of the Crisis; IV. Staff Appraisal; Figures; 1. Cyclical Indicators; 2. The Recovery in Historical Perspective; 3. Standard Competitiveness Indicators Point to a Gap; 4. Fiscal Overview, 1997-2010; 5. Bank Credit, Interest Rates, and Non-performing Loans; 6. Indicators on the Five Largest Banks; 7. Medium-Term Fiscal Outlook, 1997-2016; 8. Public Debt Sustainability: Bound Tests9. An Illustrative Range of Possible Levels of Public Debt in 203010. Selected Fiscal Structural Indicators; 11. Central Government Expenditure by Main Missions in 2011; 12. Long-Term Fiscal Sustainability, 2000-2060-Illustrative Scenarios; 13. Fiscal Decentralization, Vertical Imbalance, and Fiscal Performance by Level of Government, 1980-2009; 14. Italy's Labor Market Outcomes in Cross-Country Comparison, 2010; Tables; 1. Summary of Economic Indicators; 2. General Government Accounts (National Presentation), 2008-20162.1 Statement of Operations - General Government (GFSM 2001 format), 2008-20162.2 General Government Balance Sheet, 2005-2010; 3. Financial Soundness Indicators (FSIs); Contents; I. Fund Relations; II. Statistical Information
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Content
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