Italy's deficit-to-GDP ratio was below 3% in 2013, as it was in 2012.
The European Commission accordingly closed out the excessive deficit procedure that had been opened in the past.
Again in 2014, Italy's public finances met this requisite, as provided by the European treaties for the countries that are part of the European Monetary Union and therefore have adopted the euro as their currency. In 2015, Italy's deficit-to-GDP ratio decreased to 2.6% of GDP.
In the Euro Area, Italy is still one of the few countries to have respected this requirement.
It is furthermore interesting to note that there are many countries outside the Euro Area that have a deficit-to-GDP ratio that exceeds the 3% threshold. These include the UK, Japan and the United States.
If we compare the primary surpluses of Italy, Spain, Germany, the UK and France, Italy’s is the most stable.
Trend data for Italy: +6.2% in 1997, +2.4% in 2002, +3.2% in 2007, +2.2% in 2012, +1.7% in 2014.
Trend data for Germany: -5.9% in 1995, -1.5% in 2003, -9.3% in 2009.
(Source: Ameco – European Commission)