Italy's industrialists hope DEF will bring 'real change'

'Putting blueprint into action will be the litmus test'

(ANSA) - Rome, April 9 - Confindustria employers' association on Wednesday said it hopes Premier Matteo Renzi's economic blueprint for Italy will be the harbinger of real change. The blueprint known as the Economic and Financial Document (DEF) that was approved by Renzi's cabinet Tuesday outlined the government's plans to boost Italy's weak recovery, as well as its macroeconomic forecasts. "Putting the DEF into action will be the litmus test. We hope it will be the beginning of truly structural change," Confindustria said in a statement.

The DEF puts Italy's deficit-to-GDP ratio at 2.6% in absolute terms this year, below the EU threshold of 3%, but some way from balancing the budget in structural terms. The structural deficit - with the fixtures adjusted to account for variations in the business cycle - will be 0.6% this year, the document said. But it added that the budget will be balanced in structural terms in 2016 and it will almost get there next year, with a structural deficit of 0.1% of GDP. The DEF said the debt-to-GDP ratio was set to rise to 134.9% in 2014, while stressing this would be much lower, 131.1%, if Rome did not have to contribute to European Union rescue funds.