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Public finance

Italy within the European context

Public finance indicators allow to measure, in a summary manner, a Country's level of economic and monetary stability.
Over the last years, as a result of the measures adopted by Eu Member States for the reduction of public expenditures, there has been a general improvement in balances and in public finance trends.
On average in EU countries, in 2014, General Government net lending/borrowing as a percentage of Gdp declined for the fifth consecutive year, with an improvement in the primary balance. Our country is in line with the Euro area average.
Italy's public debt/Gdp ratio is second only to Greece. In terms of the dynamic of the indicator, our country ranks the fifth among the Emu partners, after Slovenia, Cyprus, Spain and Finland. Among them, only Italy enjoyed a budget surplus net of interest payments, thus resulting, despite the economic downturn, among the three best-performing countries in the Euro area after Germany and Luxembourg.

The fiscal systems of the European Union, though characterised by an increasing degree of harmonization and many similarities such as, in particular, the universality of Vat, also display some very large differences, with regard to the overall taxation level, the weight of individual taxes, and the distribution of taxation and receipts among the various levels of government. With regard to the overall tax burden, Italy ranks the fifth, and among major European countries, second only to France.

In 2014, Government spending in Italy was about 13,597 Euros per capita, a value slightly above the average of Eu28, but still lower than that of major European countries; only Spain, indeed, spent less than Italy.