Economic and Financial Document - DEF

The Economic and Financial Document - DEF, envisaged by Law No. 39 of 7 April 2011 is made up of three sections: (i) the first one, edited by the Treasury Department, now also contains Italy’s Stability Programme - PS (Programma di stabilità dell’Italia); (ii) the second section “ Public finance analysis and performance”, for which the State General Accounting Department is responsible, reports information previously provided in the Economic and Financial Report - REF and in the Public Finance Decision - DFP; (iii) the third contains the National Reform Programme - PNR, drawn up by the Treasury Department in cooperation with the European Policies Department.

1. The DEF – Section I – Italy’s Stability Program sets out:
    

   • the economic policy targets and economic and public finance forecasts for at least the following three years and the targets of the general government accounts shared among the various substectors;
   • an update of forecasts for the current year, highlighting any departures from the previous stability Program;
   • international economic and financial developments, for the current year and the period considered; for Italy, macroeconomic forecasts for each year of the period considered, highlighting contributions to growth of the various sectors, price evolution, the labour market and the balance of payments performance;
   • forecasts for the main aggregates of the general government profit and loss account;
   • policy targets, for each year of the period considered as a proportion of GDP, taking into account the impact of the package on net borrowing, the cash balance, net and gross of interest payments as well as on general government borrowing;
   • the structure of the package needed to meet the above targets, as well as a tentative description of the measures through which the above objectives are expected to be reached;
   • potential output and the structural policy indicators of the general government profit and loss account;
   • long-term public finance forecasts and the action that will be adopted to ensure its sustainability;

    

2. DEF– Section II- Public finance analysis and performance contains:
    

   • an analysis of the general government profit and loss account and cash balance in the previous years and any departure form the policy targets set in the DEF;
   • year-on-year forecasts, at least for the following three years, for the public sector cash balance and information on how to cover it;
   • detailed information on account results and estimates for major expenditure areas, at least for the following three years;
   
   A methodological note, attached to the second section of the DEF, analytically sets out the criteria used to make year-on-year forecasts;

    

3. Section III – The National Reform Program reports on:
    

   • progress in the implementation of reforms;
   • national macroeconomic imbalances and macroeconomic factors affecting competitiveness;
   • the country’s priorities and the main reforms needed, the timeline envisaged for their implementation and their compatibility with the policy targets set in the first section of the DEF.

   In addition, regulations envisage that a set of annexes be submitted along with the DEF.

   DEF annexes contain any bills relating to the budget package, each of which envisages provisions relevant to the various areas, bearing in mind the responsibilities of the various general government bodies, and contributes to meeting the policy targets, except those relating to setting the balances under Article 11, paragraph 1, as well as to the implementation of the National Reform Program under Article 9, paragraph 1, also through legal or organisational measures or action aimed at boosting and developing the economy. Parliamentary rules lay down the procedures and deadlines for considering any additional financial bills. The Minister of Economic Development submits to Parliament, by April 10 of the year following the year considered, a single summary report (annexed to the DEF) on programmes undertaken in underutilized area, highlighting the contribution of additional national funds and the results achieved, with special reference to social cohesion and environmental sustainability, as well as a breakdown by areas of the programmes. The plan drawn up pursuant to Article 1, paragraph 1, of Law No. 443 of 21 December 2001, as later amended, as well as the progress report on the programme for the previous year drawn up by the Minister of Infrastructure and Transport are annexed to the DEF. Attached to the DEF is also a document, drawn up by the Minister of the Environment and Land and Sea Protection, after having heard the other Ministers concerned, relating to progress in the implementation of commitments to reduce GHG emissions consistent with the commitments undertaken by Italy at EU and International level, as well as to relevant policies. A special annex to the DEF on Government budget expenditure sets out - on the basis of the most recent end-of-year data, broken down by current and capital expenditure - the resources allotted to individual regional authorities, highlighting the economic categories relating to current and capital transfers to local authorities and the autonomous provinces of Trento and Bolzano.

DEF 2013

• Summary and Policy Objectives
  
  
  • Summary and Policy Objectives
  
   
• Section I
  
  
  • Economic and Financial Document - Italy’s Stability Programme (PDF, 2 MB) (Italian Version)
     
  
   
• Section II
  
  
  • Documento di Economia e Finanza – Analisi e tendenze della finanza pubblica (Italian Version)
  
  
  • Nota metodologica sui criteri di formulazione delle previsioni tendenziali (Italian Version)
  
   
• Section III
  
  
  • Economic and Financial Document - National Reform Programme (PDF, 3,45 MB)
     
  • Appendix to Econimic and Financial Document - National Reform Programme (PDF, 2 MB) - (Italian Version)
  
   
• Attachment to the DEF 2013
  
  
  • Relazione sull'applicazione delle misure di cui alla Legge Finanziaria 2008, art. 2, commi 569-574 (Italian Version)
  
  
  • Rapporto sullo stato di attuazione della Riforma della contabilità e finanza pubblica (Italian Version)
  
  
  • Relazione del Ministro dell’ambiente e della tutela del territorio e del mare sullo stato di attuazione degli impegni per la riduzione delle emissioni di gas ad effetto serra (L.39/2011, art. 2, comma9) (Italian Version)
  
  
  • Le Spese dello stato nelle Regioni e nelle Province Autonome (Italian Version)

DEF 2012

• Section I
  
  
  • Economic and Financial Document - Italy’s Stability Programme (Italian Version)
  
   
• Section II
  
  
  • Documento di Economia e Finanza – Analisi e tendenze della finanza pubblica (Italian Version)
  
  
  • Nota metodologica sui criteri di formulazione delle previsioni tendenziali (Italian Version)
  
   
• Section III
  
  
  • Economic and Financial Document - National Reform Programme (PDF, 2 MB)
  
   
• Attachment to the DEF 2012
  
  
  • Relazione sull'applicazione delle misure di cui alla Legge Finanziaria 2008, art. 2, commi 569-574 (Italian version) (PDF, 2 MB)
  
  
  • Le spese dello Stato nelle Regioni e nelle Province Autonome (Italian Version)
  
  
  • Rapporto sullo stato di attuazione della riforma della contabilità e finanza pubblica (Italian Version)

DEF 2011

• Section I
  
  
  • Italy’s Stability Programme (PDF, 3,08 Mb)
  
   
• Section II
  
  
  • Public Finance Analysis and Trends (Italian version) (PDF, 2662 Kb)
  
  
  • Methodological Note on the criteria for the formulation of macroeconomic and budgetary projections (Italian version) (PDF, 1268 Kb)
  
   
• Section III
  
  
  • National Reform Programme (PDF, 3,08 Mb)
  
   
• Attachment to the DEF 2011
  
  
  • Relazione sull'applicazione delle misure di cui alla Legge Finanziaria 2008. art. 2, commi 569 - 574 (Italian version) ( PDF, 1672 Kb )