“Italy will return to its pre-crisis level in the first quarter of 2022”

Time.news – “We hope to complete our so-called milestones and targets, objectives and stages. We have 51 for this year, 28 I believe have already been achieved, we are therefore missing 23 “. Economy Minister Daniele Franco declared this at the end of the Ecofin meeting.” Obviously we are monitoring the situation, the whole government is committed to this. You know that the Mef, on the one hand, and the presidency of the Council on the other, are at the forefront in following the implementation of the Plan day by day ”, he added.

The minister then underlined that he expects “to close these commitments by the end of the year. Spain is a bit ahead of us from the point of view of procedures. But we will go with a group of other countries at the end of the year” .

Italy will return to its pre-crisis level in the first quarter of 2022

The minister was positive about Italy’s recovery: “At the end of September – he said – we were still below the previous GDP, I think of a 1.4. While the rest of the eurozone had already recovered. This means that we will return to pre-crisis level in the first quarter of next year. In the spring we expected to arrive in the second-third quarter, but it will almost certainly be the first quarter “.

Regarding inflation, Franco reiterated that “in October in Italy it was 3.1%, therefore a point lower than the European one, with core (base) inflation of 1.3%. So Italy has a significantly lower inflation dynamics. We will now see how temporary this is, but it is someone who has been dragging on for some time and also helps us to regain competitiveness. And you can see this in a dynamic of Italian exports which in recent quarters has been very favorable “.

“The expectation, a little of all, is that the peak we see now will last over the next few months but that from the beginning of next year it will tend to diminish. First of all for technical reasons: the fact that the VAT increases in Germany will no longer have an impact; due to the elimination or the easing of bottlenecks (to supply chains) and to the reduction of energy prices. So the idea – he observed – is that inflation will peak this winter, in the coming months, which will then subside next year. This is a vision shared by the Commission, by the ECB, and I believe also substantially by all countries. This does not mean that inflation and the price of energy converge on the levels of a year ago which were very low, but it does mean getting out of the current situation “.

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