Italy's efforts on debt reduction are recognized by the EU and "we are moving in the right direction", Economy Minister Pier Carlo Padoan said Friday after meeting with European Commission Vice-President Valdis Dombrovskis. Padoan said that specific measures on debt had not been discussed in depth during the bilateral meeting.
However, "we think that nominal growth will improve, both in terms of GDP and in those of inflation", he added.
Dombrovskis stressed that Italy had made a "very concrete commitment" to deliver an adjustment in its structural deficit of 0.2% of GDP in addition to the measures in the 2017 budget.
He added that the commitment was "reiterated by all the ministers and all the establishment". "Time will tell how the adjustment that will be passed in the spring will go," he continued.
"This year Italy will have growth of around 1%. "It's a modest recovery. It is very important to stay on track regarding fiscal policy and reforms".
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