PREVISIONI MACROECONOMICHE Borsa e riforme della corporate governance Dicembre 2002 Centre for European Policy Studies Seminario Centro Studi Confindustria Contributions by Daniel Gros 4th December 2002 Seminario Centro Studi Confindustria GDP per person employed 3.5 3 Annual Percentage Change 2.5 2 1.5 1 0.5 0 -0.5 -1 1991 1992 1993 1994 1995 1996 1997 Years 1998 1999 2000 2001 2002 Seminario Centro Studi Confindustria Cyclically adjusted deficit, according to EU Commission 3.5 3 2.5 % of GDP 2 1.5 1 0.5 0 1999 2000 2001 2002 2003 2004 Seminario Centro Studi Confindustria Total non-interest expenditure (% of GDP) 43.5 43 42.5 % of GDP 42 41.5 41 40.5 40 39.5 39 1999 2000 2001 2002 2003 2004 Seminario Centro Studi Confindustria The deficit that really counts Seminario Centro Studi Confindustria Is the evolution of Italian public debt Maastricht conform? 116.0 114.0 112.0 Debt as % of GDP 110.0 Debt (actual) 108.0 Maastricht path 106.0 104.0 102.0 100.0 1999 2000 2001 2002 2003 2004 PREVISIONI MACROECONOMICHE Borsa e riforme della corporate governance Dicembre 2002