ECB: Italy's debt high, reduction has not yet started

"In light of the weakening economic outlook, governments with margins for budgetary interventions should be prepared to act effectively and promptly." This is what is read in the ECB's Economic Bulletin which underlines how the governments of countries with high public debt "must pursue prudent policies and achieve the objectives of structural balance" and that "all countries should intensify their efforts to achieve a composition of public finances more conducive to growth. "

Italy is among the countries with programmatic budget documents "which present risks of non-compliance with the Stability and Growth Pact" and which "continue to record very high debt levels for which a constant reduction path has not yet been started ". The ECB writes in the Economic Bulletin mentioning the cases of Belgium, Spain, France, Italy, Portugal, Slovenia, Slovakia and Finland and noting that this factor "raises particular concern for countries with a high ratio between public debt and GDP".