Published in late 2017, the Italian medium-term fiscal plan aims to achieve structural balance by 2020, although concrete, high-quality measures to meet the target are yet to be specified. This paper seeks to contribute to the discussion by (1) assessing spending patterns to identify areas for savings; (2) evaluating the pension system; (3) analyzing the scope for revenue rebalancing; and (4) putting forward a package of spending cuts and tax rebalancing that is growth friendly and inclusive, could have limited near-term output costs, and would achieve a notable reduction in public debt over the medium term. Such a package could help the authorities balance the need to bring down public debt and, thus, reduce vulnerabilities while supporting the economic recovery.

中文翻译：

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意大利：实行有利于增长的财政改革


意大利中期财政计划于 2017 年底发布，目标是到 2020 年实现结构性平衡，但尚未明确实现这一目标的具体、高质量措施。本文旨在通过以下方式为讨论做出贡献：（1）评估支出模式以确定节省的领域； （二）评估养老金制度； （三）分析收入再平衡的范围； (4)提出一揽子削减支出和税收再平衡的方案，该方案有利于增长且具有包容性，可以限制短期产出成本，并在中期内实现公共债务的显着减少。这样的一揽子计划可以帮助当局平衡降低公共债务的需要，从而在支持经济复苏的同时减少脆弱性。