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Can not be Recovery Fund without a clean cut in expenses and with an eye toward debt. It is clearly written in the Guidelines for the National Recovery Plan sent yesterday to Parliament: 38 pages and 32 slides for a program based on nine “lines of intervention”. The spirit of the document is that of “maximum collaboration and synergy between the Government and Parliament”, to focus “guidelines, evaluations and proposals” for sending the Plan to Brussels, which aims to attract the 200,000 million from the Recovery Fund. “A historic occasion” that requires “dialogue”, writes Giuseppe Conte in the letter accompanying the guidelines. But there is a surprising caveat that emerges at the bottom of the document and that certainly has not gone unnoticed among ministries.
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“As for the loans that will be available under the NGEU program – it is emphasized – the government is oriented to maximize the use of related resources. However, it must be considered that the loans disbursed to Italy by the European Commission, if not offset by reductions in other expenses or increases in income, will contribute to increasing the deficit of the public administration and the accumulation of public debt ”. The Pnrr must, therefore, “be accompanied by budgetary planning aimed at rebalancing public finances in the medium term after the strong expansion of the deficit forecast for this year as a result of the pandemic and the enormous interventions to support the economy.” Therefore, the different departments warn, the Government “will detail the path of recovery of the deficit for the years 2021-2023 in the update note of the next Def”. And “the programmatic scenario will include the forecast of the use of the planned loans.”
EMPTY THE DRAWERS
One way of saying that even in Recovery Fund times, ministers are still called upon to tighten their belts on behalf of the debt and deficit now towards 160% of GDP. Certainly, it is not urged to do the opposite, as the flood of projects (557 for more than 677 billion) from individual ministries would seem to say, some of which are undoubtedly the result of emptying drawers, so unlikely and even grotesque some proposals that have turned out to be.
Returning to the document, the 6 missions are confirmed: digitization, innovation and competitiveness of the productive system; green revolution and ecological transition; mobility infrastructure; education, training, research and culture; social, gender and territorial equity; Health. What is at stake is clear for the admissibility of projects sealed by the hundreds in the competent tables. But the details about the plans or the ways in which the profitability of growth and jobs is intended to be achieved are not so clear.
The files, it is written, must have “total coherence” with the strategic and macro-sectoral objectives of the PNR; “Significant positive impact” on GDP and employment growth; “Quantifiable, justified and reasonable” economic, environmental and social costs and impacts. And the execution times and methods must be indicated. But “fragmentation” into a thousand “isolated” streams is prohibited. Few major projects are needed.
An example? “Rewarding”, explains the document, “full coherence with the objectives of the Country Relaunch Plan (with emphasis on innovation and environmental sustainability and solidarity), adherence to the“ missions ”of the South Plan 2030, he added in terms of employment, speed of implementation (to risk wasting valuable EU resources by 2026), participation of private capital in projects (also to increase the firepower of the entire Program) and their follow-up. ” It should be to double the GDP of the last decade (from 0.8% to 1.6%), increase employment by 10 points and increase investments to 3% of GDP.How to do it With the reforms.
Starting with that of the tax authorities, with the reduction of taxes to the middle classes and families with children, also looking at the transfer of the burden “from people to things” as recommended by the EU. Then check the minimum wage. While green and digital are the keywords. The missions on infrastructure and mobility even focus on the installation of electric charging stations on highways, while the education sector includes both the fiber optic cabling of schools and universities, as well as their redevelopment in terms of energy efficiency and anti-seismic. In the same chapter, the government is also thinking about the arrival of infrastructures for e-learning and the strengthening of kindergartens and nurseries. Digitization, with the completion of the fiber network, the development of 5G and digital identity, is also at the core of telemedicine and electronic health records that healthcare is targeting, as well as smart work.
Last updated: 08:27
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