Benvenuto sul sito del Ministero dell’Economia e delle Finanze, conosciuto anche come Portale mef
Italian Government

Contenuto principale

Public Finance Documents

The public finance documents contain the economic and financial policies set by the Government. Over the last few decades planning documents have taken on an increasingly crucial role in defining and setting Italy’s economic policy guidelines. In an economy marked by constant and rapid change, they have an important and sensitive role in providing information at the national, European, and international levels, and help make policy choices transparent and visible. The drafting of these documents is a lengthy, complex process that involves all of the MEF’s departments.

Medium-Term Fiscal-Structural Plan

The Medium-term Fiscal-Structural Plan (MTFSP) is a new planning tool, introduced following the reform of European economic and fiscal governance (Regulation (EU) 1263/2024, Regulation (EU) 1264/2024, Directive (EU) 1265/2024), with a medium-term horizon (the MTFSP has a duration of 5 years, equal to the ordinary duration of the Italian national legislature) so as to better take into account the trend of the economic cycle and integrate economic planning with public reform and investment plans.

The MTFSP provides a defined path aimed at ensuring compliance with the deficit and debt constraints and is based on the Debt Sustainability Analysis (DSA) criterion.

The key target variable, whose development will be monitored by the EU Commission, is the Structural Primary Balance (general government budget balance) pursued through a net expenditure rule, defined as expenditure net of interest payments on government debt and cyclical effects and temporary or one-off measures.

The net expenditure path must be such as to ensure that, at the end of the adjustment period, the debt-to-GDP ratio is placed on a plausibly downward trajectory (or remains below 60 percent) and that net borrowing is brought and maintained below 3 percent of GDP.

For countries with a deficit or debt exceeding the thresholds set in the Treaties (3% for the deficit/GDP ratio and 60% for the debt/GDP ratio), the MTFSPs will include a 4-year fiscal adjustment path that is extendable up to 7 years against a commitment to implement a public investment and reform plan. The adjustment path will have to ensure that at the end of the period the debt is plausibly on a downward trajectory or remains at prudent levels, while the deficit remains below the reference value of 3 percent of GDP.

The MTFSP must be submitted to the European Commission and the Council every five years by 30 April of the last year of the Plan in force. In addition, an Annual Progress Report is to be submitted by 30 April each year.

Medium-Term Fiscal-Structural Plan Italy 2025-2029

Economic and Financial Document (DEF)

The Economic and Financial Document (Documento di economia e finanza – DEF), pursuant to law n. 39 of 7 April 2011, is submitted to Parliament no later than 10 April of each year. It is the main instrument for financial and economic planning, as it sets out the public finance and economic strategies for the mid-term. It is submitted to the Government and approved by Parliament. It comprises different sections and several attachments.

Economic and Financial Document (DEF 2024)

Public Finance Document Archive

Updates to the Economic and Finance Document

The “Update to the Economic and Finance Document” is submitted to Parliament no later than 27 September of each year. It updates the public finance and economic forecasts contained in the DEF in light of updated and more reliable information on macroeconomic trends. It includes an update on programme goals, along with notes and amendments to the DEF in light of the recommendations issued by the European Council regarding Italy’s Stability Programme and National Reform Programme. It comprises several attachments.

 Update to the Economic and Financial Document 2023

Updates to the DEF Archive

The Draft Budgetary Plan (DPB)

The Draft Budgetary Plan (Documento Programmatico di Bilancio – DPB) was established by EU Regulation n. 473/2013 (Italian Version). No later than October 15 of every year, Member States submit a draft budgetary plan for the forthcoming year to the Commission and the Eurogroup. In particular, the document must indicate the targeted budget balance and projections for expenditure and revenue.
The Draft Budgetary Plan also contains the methodology, economic models and assumptions, and any other relevant parameters underpinning the budgetary forecasts and the estimated impact of aggregated budgetary measures on economic growth.