Italy and France should cut spending faster than they currently plan to keep debt under control while Germany should loosen its own purse strings to revive growth, the International Monetary Fund said on Friday.
Item 1 of 2 The International Monetary Fund logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File PhotoThe International Monetary Fund logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File PhotoWASHINGTON, April 19 -
While the IMF's advice is not binding for countries that do not receive its help, its latest musings on Italy, France and Germany are likely to bring back The global lender's European director, Alfred Kammer, told Reuters in an interview that Italy's government should stop an "inefficient" incentive for home renovations, known locally as the Superbonus, currently due to be gradually phased out by the end of next year.
Germany, by contrast, had "fiscal space" to invest in digitalisation and public infrastructure and to support companies' research and development, Kammer said. Earlier this week, the IMF cut its growth forecasts for Europe's largest economy.a budget deficit of 4.3% of GDP this year, 3.7% next year and 3.0% in 2026, although the country's finance minister has said much would depend on the European Union's new budget rules.
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