Padoan says simplification, liberalizing will save billions

(ANSA) - Rome, March 4 - 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.