After describing the main differences between the previous system of national and regional accounts (ESA 95) and the new system of national and regional accounts (ESA 2010) implemented by the EU countries members and after analyzing the main documents of public finance, the aim of this essay is to examine the innovations introduced by the last Economic and Financial Document (EFD 2015) in terms of the policy scenario (programmatic framework) and the scenario based on unchanged legislation (tendency framework). On the whole, the EFD 2015 – the first economic and financial document based on the estimates in ESA 2010 instead of ESA 95 – revises the growth forecasts of the GDP and the other variables of the Italian macroeconomic framework compared to the Updated Note of the EFD 2014. The policy scenario indicates the return to growth in 2015 after a lengthy period of recession, implementing an economic policy supporting a more decisive growth in the subsequent three-year period. However, the presentation of the EFD is followed by strong controversies every year. The Cabinet and the governing parties affirm to propose prudent and realistic estimates. On the contrary, the opposing parties charge the Cabinet with presenting excessively optimistic estimates which do not take account of the macroeconomic trends.

National accounts and European standars . Analysis of the 2015 economic and financial document according to innovations introduced by ESA 2010

Marinello Vincenzo
;
2015

Abstract

After describing the main differences between the previous system of national and regional accounts (ESA 95) and the new system of national and regional accounts (ESA 2010) implemented by the EU countries members and after analyzing the main documents of public finance, the aim of this essay is to examine the innovations introduced by the last Economic and Financial Document (EFD 2015) in terms of the policy scenario (programmatic framework) and the scenario based on unchanged legislation (tendency framework). On the whole, the EFD 2015 – the first economic and financial document based on the estimates in ESA 2010 instead of ESA 95 – revises the growth forecasts of the GDP and the other variables of the Italian macroeconomic framework compared to the Updated Note of the EFD 2014. The policy scenario indicates the return to growth in 2015 after a lengthy period of recession, implementing an economic policy supporting a more decisive growth in the subsequent three-year period. However, the presentation of the EFD is followed by strong controversies every year. The Cabinet and the governing parties affirm to propose prudent and realistic estimates. On the contrary, the opposing parties charge the Cabinet with presenting excessively optimistic estimates which do not take account of the macroeconomic trends.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11387/114694
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