The government's reforms aimed at
simplifying processes and liberalizing the economy could save
billions of euros, Economy Minister Pier Carlo Padoan estimated
Wednesday.
He told the Lower House that savings should be worth one
point of gross domestic production by 2020 and as much as three
points of GDP in the longer term.
One percentage point of GDP is worth about 20 billion
euros.
Those are "conservative estimates," added Padoan.
He also pledged to publish documents related to the
government's spending review conducted by former commissioner
Carlo Cottarelli.
He returned to his former work at the International
Monetary Fund after analyzing Italy's budget to find savings in
spending.
Padoan said the spending review documents will be published
on the government's website www.revisionedellaspesa.gov.it as
public information.
There has been increased skepticism of the spending review
process as Cottarelli clashed at times with Premier Matteo Renzi
and not much information about the review has been made public.
The economy minister said plans to cut about 17 billion
euros in public spending this year are in place.
Meanwhile, Padoan said the economy ministry is considering
whether it should join as a plaintiff in a civil trial led by
prosecutors in the southern city of Trani against international
bond rating agencies.
Prosecutors allege financial market manipulation by several
analysts and managers at ratings agencies Standard & Poor's and
Fitch.
The two agencies have also been indicted in the lawsuit
stemming from 2011-2012 reports questioning Italy's
creditworthiness and lowering its debt rating.
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