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Corriere della Sera - Italy | Thursday, May 30, 2013

Rome must not sit back and relax

The EU deficit procedure against Italy is to be dropped. But the recession continues to restrict the government in Rome's room for manoeuvre because the growth forecasts for 2014 are 0.7 percent at most, the liberal-conservative daily Corriere della Sera writes: "This means there is little leeway for cutting taxes or using the European structural funds, the co-financing of which would only increase our deficit. The end of our period under special observation must be seen as an opportunity to develop new strategies for growth and debt reduction. We have long known what needs to be done: implement the structural reforms Europe has once again called for. The European Stability Mechanism can be used for this purpose. In addition, the tax burden needs to be reduced, above all the taxes on labour. To this end Italy must negotiate with the EU for permission to temporarily exceed the three-percent limit. ... But at the same time the spending cuts for the next three years must be decided."

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