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Source : THE ECONOMIST 
Page of Review : 1 
Page of Document : 1 
Page of NewsPaper : 16
Category :ECONOMIA E POL. ESTERA Author : RASSEGNA INTERNAZIONALE 
Abstract : Itaiy's finances 

SIR - Your arride on Italy's fìscal policY ("Tax bonanza", January 5th) missed two im-portant 
facts. First, a large part of thè new revenue raìsed has been used lo bring about an extra
 reduction in thè deficit, an absolule priority for Italy given it1, huge pubiic debt- Second,
 progress in curbing cur-rent spending has been significant in thè past two years thanks to
 thè action of thè present government. Cur-rent spending has been stabil-ised as a percentage 
of GDP (net of interest payments) and is now decreasing. This is parlly because ofimproved
 economie growth, but ìs also explained by this govern-ment's control on spending. Indeed,
 compared with thè sanie period in 2006, current expenditure decreased in ab-solute value 
during thè fìrst ten rnonths of 2007. TOMMASO PADOA-SCHIOPPA Minister ofeconony and fin 
ance Rome

 Reference date : 18/01/08 Data :18/01/08 09.18