PUBLIC FINANCE DECISION (DFP)

According to the new public finance and accounting law (Law No. 196 of 31 December 2009), the Government submits to Parliament the Public Finance Decision (DFP) which is a three-year spending review superseding the Economic and Financial Planning Document (DPEF). Pursuant to Art. 10 of Law No. 196 of 31 December 2009, the DFP outlines the international economic and financial situation, both for the current year and the following years of the forecast period, as well as Italy’s macroeconomic projections based on both unchanged legislation and policy scenarios, for each year of the forecast period. In addition, the DFP illustrates the main economic parameters used for the public finance projections consistent with macroeconomic trends (based both on unchanged legislation and policy scenarios). The Government must submit the DFP by 15 September. The new date for the submittal to Parliament is now closer to that for the submittal of the draft Stability and Budget Law, whose deadline is October 15.

Editor: Giovanni AVERSA