PARALLEL TEXTS
La Commissione conclude gli esami approfonditi sugli squilibri macroeconomici e valuta i progressi nel risanamento di bilancio
Inglese tratto da:
http://europa.eu/rapid/press-release_IP-14-216_en.htm
Italiano tratto da:
http://europa.eu/rapid/press-release_IP-14-216_it.htm
Data documento: 05-03-2014
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Commission concludes in-depth reviews to identify macroeconomic imbalances and assesses progress in fiscal consolidation
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La Commissione conclude gli esami approfonditi sugli squilibri macroeconomici e valuta i progressi nel risanamento di bilancio
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The European Commission has today published its conclusions emerging from the in-depth reviews (IDRs) carried out into 17 Member States' economies.
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La Commissione Europea ha pubblicato oggi le conclusioni scaturite dagli esami approfonditi relativi alle economie di 17 Stati membri.
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In the same document, the Commission assessed progress in the correction of fiscal deficits in the Member States concerned, updating its opinions on Draft Budgetary Plans from last year.
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Nello stesso documento, la Commissione ha valutato i progressi compiuti dagli Stati membri impegnati nella correzione dei disavanzi di bilancio, aggiornando il proprio parere in merito ai documenti programmatici di bilancio dell'anno scorso.
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This is a key step in the now well-established European Semester of economic policy coordination, the yearly economic governance cycle through which the Commission works with the Member States to create the conditions for sustainable growth and employment based on sound public finances, in line with the Europe 2020 growth strategy.
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Si tratta di un passo fondamentale dell'oramai consolidato semestre europeo per il coordinamento delle politiche economiche, ossia il ciclo annuale di governance economica in cui la Commissione collabora con gli Stati membri per creare le premesse per una crescita e un'occupazione sostenibili, basate su solide finanze pubbliche, in linea con la strategia di crescita Europa 2020.
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“Our analysis presented today shows that Member States are making progress in addressing their economic challenges.
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"Dall'analisi presentata oggi emerge che gli Stati membri stanno progredendo nell'affrontare le sfide economiche,
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But this progress is uneven and in some cases must be stepped up,” said Olli Rehn, European Commission Vice President responsible for Economic and Monetary Affairs and the Euro.
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Ma i progressi non sono omogenei e, in alcuni casi, gli sforzi vanno intensificati," ha dichiarato Olli Rehn, Vicepresidente della Commissione europea responsabile per gli Affari economici e monetari e l'euro, aggiungendo:
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“We hope to see a strong response from Member States and stand ready to support them in a constructive partnership for reforms to strengthen the recovery and lift job creation."
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"auspichiamo una risposta risoluta da parte degli Stati membri e siamo pronti ad affiancarli in una partnership costruttiva per le riforme a sostegno della ripresa e della creazione di nuovi posti di lavoro."
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The economic recovery is gaining ground but challenges remain.
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La ripresa economica sta prendendo piede, ma è ancora ostacolata da diverse sfide.
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Imbalances built up over more than a decade and it will require continued policy action to ensure that Europe returns to stronger but sustainable growth rates and steadily reduces unemployment.
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Gli squilibri che si sono accumulati per oltre un decennio richiederanno un'azione politica costante per fare in modo che l'Europa ritorni a registrare tassi di crescita più forti e al contempo sostenibili, e che sia in grado di ridurre la disoccupazione in maniera costante.
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A number of imbalances are common to several Member States.
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Una serie di squilibri è comune a diversi Stati membri.
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Among the challenges are the large external liabilities in some economies, persistent large current account surpluses reflecting subdued domestic demand in a few countries, cost competitiveness for the countries which used to register the largest current account deficits and those experiencing large losses in export market shares.
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Le sfide sono costituite, tra l'altro, da un cospicuo indebitamento estero di talune economie, da avanzi delle partite correnti elevati e persistenti che in alcuni paesi rispecchiano una domanda interna debole, nonché dalla competitività di costo per i paesi che in passato registravano i maggiori disavanzi delle partite correnti e quelli che devono fare fronte a forti perdite di quote del mercato delle esportazioni.
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Improving competitiveness beyond cost-related factors is important for most Member States analysed, as is the impact of deleveraging on private consumption and investment.
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Una migliore competitività non legata a fattori di costo è importante per la maggior parte degli Stati membri in esame, come lo è l'impatto della riduzione dell'indebitamento su consumi privati e investimenti.
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It will be essential to continue to address these imbalances in order to bring down the unacceptably high levels of unemployment in many parts of Europe.
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Sarà essenziale continuare ad affrontare questi squilibri al fine di ridurre il tasso di disoccupazione, che ha raggiunto livelli inaccettabili in molte parti d'Europa.
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The focus of macroeconomic challenges in the Member States is also gradually shifting.
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Anche il punto focale delle sfide macroeconomiche negli Stati membri si sta gradualmente spostando.
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Current account deficits have been significantly reduced, which also reflects the progress made in some Member States in recouping competitiveness losses.
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I disavanzi delle partite correnti sono stati notevolmente ridimensionati, il che rispecchia, tra l'altro, i progressi compiuti da alcuni Stati membri nel recuperare la perdita di competitività.
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However, persistent challenges include the impact of deleveraging on medium term growth, the high levels of private and public debt in the context of very low inflation, the difficulties faced by viable businesses in accessing affordable credit, and the high levels of unemployment.
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Tuttavia rimangono irrisolte diverse sfide, tra cui l'impatto della riduzione dell'indebitamento sulla crescita a medio termine, i livelli elevati del debito privato e pubblico nel contesto di un'inflazione particolarmente contenuta, le difficoltà di accesso al credito a costi ragionevoli da parte delle imprese redditizie e gli alti tassi di disoccupazione.
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On fiscal issues, the latest forecasts show that the average pace of adjustment is set to decelerate in the EU and the euro area thanks to the successful consolidation efforts of the last few years.
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Sul fronte del bilancio, in base alle previsioni più recenti il ritmo medio di aggiustamento nell'UE e nella zona euro è destinato a rallentare grazie al successo degli sforzi di risanamento compiuti negli ultimi anni.
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However, some Member States need to step up fiscal consolidation if their deficit targets are to be reached.
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È tuttavia necessario che alcuni Stati membri intensifichino gli interventi di risanamento di bilancio se vogliono raggiungere gli obiettivi di disavanzo.
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Both in the EU and in the euro area, the debt-to-GDP ratio is forecast to have increased in 2013 but should peak this year before starting to decline.
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Secondo le previsioni, sia nell'UE che nella zona euro, il rapporto debito/PIL nel 2013 è aumentato ma, dopo il picco di quest'anno, dovrebbe iniziare a calare.
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The contribution of large Member States to growth in Europe is important.
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Gli Stati più grandi forniscono un importante contributo alla crescita in Europa.
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Among the largest euro area Member States, the policy priorities should be on: strengthening domestic demand and medium-term growth in Germany; addressing bottlenecks to medium-term growth
while
working on structural reforms and fiscal consolidation in France and Italy;and continuing the orderly deleveraging and structural transformation of the economy that will contribute to sustainable growth, and addressing social issues in Spain.
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Per quanto riguarda i paesi più grandi della zona euro, la Germania dovrebbe orientare le priorità strategiche verso il rafforzamento della domanda interna e della crescita a medio termine
mentre
la Francia e l'Italia dovrebbero affrontare gli ostacoli alla crescita a medio
termine pur dedicandosi alle riforme strutturali e al risanamento di bilancio.
La Spagna, invece, dovrebbe proseguire il processo di riduzione ordinata
dell'indebitamento e di trasformazione strutturale dell'economia che contribuirà
a una crescita sostenibile, oltre ad affrontare le sfide sociali.
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Several macroeconomic challenges need to be addressed in the context of the euro area.
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Diverse sfide macroeconomiche richiedono un intervento a livello di zona euro.
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There is a need to increase investment and boost demand, address financial fragmentation and the challenge of indebtedness and rebalancing in a very low inflation scenario and a difficult economic climate.
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È necessario puntare sugli investimenti e rilanciare la domanda, contrastare la frammentazione finanziaria e affrontare la sfida dell'indebitamento e del riequilibrio a fronte di un tasso di inflazione estremamente basso e di un clima economico difficile.
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As recommended by the Council last June, Member States should take responsibility, individually and collectively, for the aggregate policy stance in the euro area in order to ensure the good functioning of the Economic and Monetary Union and to increase growth and employment.
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In linea con le raccomandazioni del Consiglio dello scorso giugno, gli Stati membri dovrebbero assumersi le proprie responsabilità, a livello individuale e collettivo, per la politica comune nella zona euro al fine di garantire il buon funzionamento dell'Unione economica e monetaria e di sostenere la crescita e l'occupazione.
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Imbalances and excessive imbalances
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Squilibri e squilibri eccessivi
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The Commission considers that 14 Member States are experiencing imbalances:
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La Commissione ritiene che 14 Stati membri presentino squilibri:
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Belgium, Bulgaria, Germany, Ireland, Spain, France, Croatia, Italy, Hungary, the Netherlands, Slovenia, Finland, Sweden, and the United Kingdom.
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Belgio, Bulgaria, Germania, Irlanda, Spagna, Francia, Croazia, Italia, Ungheria, Paesi Bassi, Slovenia, Finlandia, Svezia e Regno Unito.
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In Croatia, Italy and Slovenia, these imbalances are considered excessive.
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Nel caso di Croazia, Italia e Slovenia, tali squilibri sono considerati eccessivi.
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Member States with excessive imbalances
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Gli Stati membri con squilibri eccessivi
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Croatia needs to respond to sizeable external liabilities, declining export performance, highly leveraged firms and fast-increasing general government debt, all within a context of low growth and poor adjustment capacity.
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La Croazia deve fare fronte a un ingente debito estero, a un calo delle esportazioni, a imprese fortemente indebitate e a un debito pubblico in rapido aumento, il tutto in un contesto di crescita debole e di scarsa capacità di aggiustamento.
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There is a need for significant additional fiscal consolidation efforts to curtail the deficit and prevent debt from rising unsustainably.
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È necessario compiere ulteriori significativi sforzi di risanamento di bilancio per ridurre il disavanzo ed evitare un aumento non sostenibile del debito.
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Croatia has an excessive fiscal deficit and needs to take effective action by end-April 2014 to address this.
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La Croazia presenta un disavanzo di bilancio eccessivo ed occorre che adotti misure efficaci entro fine aprile 2014.
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In the absence of additional measures, it risks missing its targets in 2014.
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In assenza di ulteriori misure, il paese rischia di non raggiungere i suoi obiettivi nel 2014.
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Italy must address its very high level of public debt and weak external competitiveness.
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L'Italia deve contrastare un debito pubblico molto elevato e una competitività esterna debole.
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Both are ultimately rooted in the country’s protracted sluggish productivity growth and require urgent and decisive action to reduce the risk of adverse effects on the Italian economy and of the euro area.
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Entrambi gli aspetti sono ascrivibili in ultima analisi al protrarsi di una crescita deludente della produttività e richiedono un intervento urgente e risoluto per ridurre il rischio di effetti negativi per l'economia italiana e per la zona euro.
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Slovenia continues to experience excessive macroeconomic imbalances which require monitoring and continued strong policy action, though the imbalances have been unwinding over the past year thanks to macroeconomic adjustment and decisive policy action.
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La Slovenia continua a presentare squilibri macroeconomici eccessivi che richiedono un monitoraggio e un'azione politica costante e vigorosa, sebbene grazie a misure di aggiustamento macroeconomico e ad azioni politiche risolute gli squilibri nel corso dell'ultimo anno siano diminuiti.
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In the case of Spain, which a year ago was also classified as having excessive imbalances, the Commission considers that a significant adjustment has taken place over the last year and that on current trends imbalances would continue to abate over time.
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Per quanto concerne la Spagna, che un anno fa figurava tra i paesi che presentavano un disavanzo eccessivo, la Commissione ritiene che nell'ultimo anno il paese abbia realizzato un aggiustamento significativo e che, se questo trend proseguirà, gli squilibri continueranno a diminuire.
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While this is the basis to conclude that imbalances in Spain are no longer excessive, the Commission stresses that risks are still present.
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Benché si possa concludere che gli squilibri in Spagna non sono più eccessivi, la Commissione sottolinea che persistono dei rischi.
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Although IDRs have also been carried out for Denmark, Luxembourg and Malta, the Commission has concluded that there are no imbalances in the sense of the MIP.
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Anche Danimarca, Lussemburgo e Malta sono stati oggetto di esami approfonditi, ma la Commissione ha concluso che questi paesi non evidenziano squilibri ai sensi della procedura per gli squilibri macroeconomici.
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As part of its continuous monitoring of obligations under the Excessive Deficit Procedure, the Commission is today also making use of a new instrument under the strengthened Stability and Growth Pact to draw the attention of two euro area Member States, France and Slovenia, to the risk of non-compliance with the budgetary target recommended for this year
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Nell'ambito del monitoraggio continuo degli obblighi nel quadro della procedura per i disavanzi eccessivi, la Commissione si sta avvalendo anche di un nuovo strumento previsto dal patto di stabilità e di crescita rafforzato per richiamare l'attenzione di due Stati membri della zona euro, la Francia e la Slovenia, sul rischio di inadempienza dell'obiettivo di bilancio raccomandato per quest'anno.
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In the context of the European Semester in June, the Commission will reassess the overall situation as regards the obligations under the Stability and Growth Pact and, where necessary, propose the appropriate steps to the Council.
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In giugno, nel contesto del semestre europeo, la Commissione valuterà nuovamente la situazione generale alla luce degli obblighi previsti dal patto di stabilità e crescita e, se necessario, proporrà misure appropriate al Consiglio.
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Next steps
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Prossime tappe
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The imbalances and excessive imbalances that the Member States will have to address vary in nature.
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Gli squilibri e gli squilibri eccessivi cui gli Stati membri dovranno rimediare sono di varia natura.
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The individual in-depth reviews are an analytical base that should open a dialogue with the Member States as they prepare their National Reform Programmes and Stability and Convergence Programmes (medium-term fiscal plans).
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I singoli esami approfonditi costituiscono una base analitica per avviare un dialogo con gli Stati membri nella fase di elaborazione dei rispettivi programmi nazionali di riforma e programmi di stabilità e convergenza (programmi di bilancio a medio termine).
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These must be submitted to the Commission by the end of April and will be assessed in early June, when the Commission will present an updated set of country-specific recommendations in the concluding phase of the European Semester.
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Questi dovranno essere presentati alla Commissione entro la fine del mese di aprile e saranno valutati a inizio giugno, quando la Commissione presenterà una serie di raccomandazioni aggiornate specifiche per paese nella fase conclusiva del semestre europeo.
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For the Member States with excessive imbalances it will also decide in June whether other steps are necessary.
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Per quanto riguarda gli Stati membri che presentano squilibri eccessivi, in giugno la Commissione deciderà inoltre se sono necessarie ulteriori azioni.
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Programme countries (Greece, Cyprus, Portugal and Romania) are not covered by the Macroeconomic Imbalances Procedure, as they are already under surveillance as part of their economic adjustment programmes.
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I paesi che sono oggetto di un programma di aggiustamento (Grecia, Cipro, Portogallo e Romania) non sono coinvolti nella procedura per gli squilibri macroeconomici, in quanto già sottoposti alla sorveglianza prevista dai rispettivi programmi di aggiustamento economico. |
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LISTEN WITH READSPEAKER
Commission concludes in-depth reviews to identify macroeconomic imbalances
and assesses progress in fiscal consolidation
The European Commission has today published its conclusions emerging from the
in-depth reviews (IDRs) carried out into 17 Member States' economies.
In the same document, the Commission assessed progress in the correction of
fiscal deficits in the Member States concerned, updating its opinions on Draft
Budgetary Plans from last year.
This is a key step in the now well-established European Semester of economic
policy coordination, the yearly economic governance cycle through which the
Commission works with the Member States to create the conditions for sustainable
growth and employment based on sound public finances, in line with the Europe
2020 growth strategy.
"Our analysis presented today shows that Member States are making progress in
addressing their economic challenges.
But this progress is uneven and in some cases must be stepped up," said Olli
Rehn, European Commission Vice President responsible for Economic and Monetary
Affairs and the Euro.
"We hope to see a strong response from Member States and stand ready to
support them in a constructive partnership for reforms to strengthen the
recovery and lift job creation."
The economic recovery is gaining ground but challenges remain.
Imbalances built up over more than a decade and it will require continued
policy action to ensure that Europe returns to stronger but sustainable growth
rates and steadily reduces unemployment.
A number of imbalances are common to several Member States.
Among the challenges are the large external liabilities in some economies,
persistent large current account surpluses reflecting subdued domestic demand in
a few countries, cost competitiveness for the countries which used to register
the largest current account deficits and those experiencing large losses in
export market shares.
Improving competitiveness beyond cost-related factors is important for most
Member States analysed, as is the impact of deleveraging on private consumption
and investment.
It will be essential to continue to address these imbalances in order to
bring down the unacceptably high levels of unemployment in many parts of Europe.
The focus of macroeconomic challenges in the Member States is also gradually
shifting.
Current account deficits have been significantly reduced, which also reflects
the progress made in some Member States in recouping competitiveness losses.
However, persistent challenges include the impact of deleveraging on medium
term growth, the high levels of private and public debt in the context of very
low inflation, the difficulties faced by viable businesses in accessing
affordable credit, and the high levels of unemployment.
On fiscal issues, the latest forecasts show that the average pace of
adjustment is set to decelerate in the EU and the euro area thanks to the
successful consolidation efforts of the last few years.
However, some Member States need to step up fiscal consolidation if their
deficit targets are to be reached.
Both in the EU and in the euro area, the debt-to-GDP ratio is forecast to
have increased in 2013 but should peak this year before starting to decline.
The contribution of large Member States to growth in Europe is important.
Among the largest euro area Member States, the policy priorities should be
on: strengthening domestic demand and medium-term growth in Germany; addressing
bottlenecks to medium-term growth while working on structural reforms and fiscal
consolidation in France and Italy;and continuing the orderly deleveraging and
structural transformation of the economy that will contribute to sustainable
growth, and addressing social issues in Spain.
Several macroeconomic challenges need to be addressed in the context of the
euro area.
There is a need to increase investment and boost demand, address financial
fragmentation and the challenge of indebtedness and rebalancing in a very low
inflation scenario and a difficult economic climate.
As recommended by the Council last June, Member States should take
responsibility, individually and collectively, for the aggregate policy stance
in the euro area in order to ensure the good functioning of the Economic and
Monetary Union and to increase growth and employment.
Imbalances and excessive imbalances
The Commission considers that 14 Member States are experiencing imbalances:
Belgium, Bulgaria, Germany, Ireland, Spain, France, Croatia, Italy, Hungary,
the Netherlands, Slovenia, Finland, Sweden, and the United Kingdom.
In Croatia, Italy and Slovenia, these imbalances are considered excessive.
Member States with excessive imbalances
Croatia needs to respond to sizeable external liabilities, declining export
performance, highly leveraged firms and fast-increasing general government debt,
all within a context of low growth and poor adjustment capacity.
There is a need for significant additional fiscal consolidation efforts to
curtail the deficit and prevent debt from rising unsustainably.
Croatia has an excessive fiscal deficit and needs to take effective action by
end-April 2014 to address this.
In the absence of additional measures, it risks missing its targets in 2014.
Italy must address its very high level of public debt and weak external
competitiveness.
Both are ultimately rooted in the country’s protracted sluggish productivity
growth and require urgent and decisive action to reduce the risk of adverse
effects on the Italian economy and of the euro area.
Slovenia continues to experience excessive macroeconomic imbalances which
require monitoring and continued strong policy action, though the imbalances
have been unwinding over the past year thanks to macroeconomic adjustment and
decisive policy action.
In the case of Spain, which a year ago was also classified as having
excessive imbalances, the Commission considers that a significant adjustment has
taken place over the last year and that on current trends imbalances would
continue to abate over time.
While this is the basis to conclude that imbalances in Spain are no longer
excessive, the Commission stresses that risks are still present.
Although IDRs have also been carried out for Denmark, Luxembourg and Malta,
the Commission has concluded that there are no imbalances in the sense of the
MIP.
As part of its continuous monitoring of obligations under the Excessive
Deficit Procedure, the Commission is today also making use of a new instrument
under the strengthened Stability and Growth Pact to draw the attention of two
euro area Member States, France and Slovenia, to the risk of non-compliance with
the budgetary target recommended for this year
In the context of the European Semester in June, the Commission will reassess
the overall situation as regards the obligations under the Stability and Growth
Pact and, where necessary, propose the appropriate steps to the Council.
Next steps
The imbalances and excessive imbalances that the Member States will have to
address vary in nature.
The individual in-depth reviews are an analytical base that should open a
dialogue with the Member States as they prepare their National Reform Programmes
and Stability and Convergence Programmes (medium-term fiscal plans).
These must be submitted to the Commission by the end of April and will be
assessed in early June, when the Commission will present an updated set of
country-specific recommendations in the concluding phase of the European
Semester.
For the Member States with excessive imbalances it will also decide in June
whether other steps are necessary.
Programme countries (Greece, Cyprus, Portugal and Romania) are not covered by
the Macroeconomic Imbalances Procedure, as they are already under surveillance
as part of their economic adjustment programmes.
|