Draghi on Italy's improving finances

Italy's public finances continued to improve in 2007, allowing for the excessive deficit procedure started by the European Commission in 2005 to be stopped, said Mario Draghi, the governor of the Bank of Italy.

The primary surplus, almost nil in 2005, exceeded 3% of GDP in 2007. The improvement in public finances reflects a higher ratio of revenue to GDP and a fall in the ratio of general government net borrowing to GDP by 1.5 percentage points to 1.9%, Draghi told the Italian senate and chamber

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