Maneuver: the EU rejects the increase in cash and the limits on the POS

In the Italian maneuver communicated in Brussels there are

: this is the provision that raises the ceiling for cash transactions from 2 to 5 thousand euros in the 2023, of the measure "equivalent to an amnesty" for the cancellation of tax debts of less than 1,000 euros relating to 2000-2015, of the limit of 60 euros for refusing pos payments without penalties and "the renewal, with stricter age criteria, in 2023 of early retirement schemes that expired at the end of 2022".

The Commission writes it in the Opinion on the Italian Dbp.

"Overall, the Commission nonetheless considers that

", and the macroeconomic assumptions underlying the draft budget are "plausible" both in 2022 than in 2023".

"The Commission's assessment of the budgetary impact of fiscal policy measures is substantially in line with that of the government", it continues. 

Furthermore, Italy has not yet "made progress with regard to the structural part of the fiscal recommendations contained in the Council recommendation of 12 July 2022 in the context of the European Semester" and the Commission "therefore invites the authorities to accelerate progress". 

Finally, the European Commission points out the importance for Italy, as for all the member states, that extensions to support measures against high energy costs or any new measures be better concentrated "on the most vulnerable households and on the most exposed businesses, in order to maintain the incentives to reduce energy demand and to

withdraw them when pressure on energy prices eases". 

According to the European Commissioner for the Economy

, in the Italian maneuver "there may be some specific measures that may concern or have concerned objectives of the Pnrr and which

. In particular this concerns some objectives

. This it is the element that can cross two distinct terrains such as the budget law and the Pnrr. We are discussing it with the Italian authorities".

From the EU Commission, he continued, there is an invitation to Italy

.

"There are particular findings on measures related to digital payments and

tax evasion," she added.

"The main thing for us at this moment was to have a prudent attitude on the part of the Italian authorities in the budget, because we are in a very complicated context".

The maneuver "was carried out very quickly and I imagine with different demands to be met: overall there is a balance".

The vice-president of the EU Commission

underlines in turn that "Italy's draft budget respects the EU recommendations for 2023".

However, Italy "should better target energy measures to reduce demand and help the most vulnerable. It should also keep current spending under control and maintain the pace of reforms and investments".

Economy Minister

was satisfied : "The Commission has promoted our maneuver judging it 'in line': Italy is therefore included in half of the European countries that are on the right side. This result is a great satisfaction.

off and will continue to be the basis of all our decisions". 

After Brussels' remarks on the maneuver,

.

The spread with the German bund also widened, growing by six basis points to 192.7.

The BTP is the worst among the government bonds of the Old Continent, where bonds do register increases in yields, but on average by 6-7 points, equal to about half of those of Italian bonds.

Satisfaction was expressed by the premier, Giorgia Meloni

.

"We are particularly satisfied with the opinion expressed by the European Commission on the budget law - he said -. A positive assessment that confirms the goodness of the work of the Italian Government, underlines the solidity of the economic maneuver and reaffirms the vision of development and growth that guides it. In this direction we will continue to work in the interest of Italian citizens, families and businesses".