by Marzia De Giuli
ROME
Cheap Eric Weddle Jersey , May 30 (Xinhua) -- Italy's recovery from its longest postwar recession is fragile and economic growth can only be pursued in tandem with budgetary balance, governor of the country's central bank Ignazio Visco said here on Friday.
Recession in Italy came to a halt at the end of last year, mainly thanks to foreign demand and to the reduced need for fiscal adjustment, Visco said speaking at the bank's annual meeting in Rome.
"However, a real recovery is struggling to get under way. The gradual improvement in expectations has been slow to translate into a solid upturn in economic activity," he added.
In the last quarter of 2013, while exports were almost back to the same level as at the end of 2007, household consumption was still down by about 8 percent and investment by 26 percent, with a capacity loss in manufacturing of approximately 15 percent, he said. Industrial production has shrunk by 25 percent overall.
"The recession has especially had a heavy impact on the number of persons in employment and hence on household income," the governor pointed out. Between 2007 and 2013, employment fell by more than a million, with almost all of the contraction in industry. The unemployment rate has more than doubled compared with the low point of 2007, reaching 12.7 percent in March, he noted.
Household spending can benefit from the tax cuts of 80 euros (109 U.S. dollars) per month recently approved by the government of Prime Minister Matteo Renzi, but "it will not become the driving force of the recovery without an enduring increase in employment," Visco said.
"The lowering of the ratio of debt to gross domestic product (GDP) - which is currently at around 133 percent - remains the ineluctable challenge for our country," Visco stressed. "Economic growth and budgetary balance can only be pursued in tandem," he added.
Yet important progress has been made in adjusting the country's public finances, Visco noted. The deficit is equal to 3 per cent of GDP, below the European average. With Germany, Italy has the highest primary surplus in Europe and is close to achieving structural budget balance.
Credit supply restrictions are hardest on small and medium-sized companies (SMEs), whose indebtedness and dependence on bank loan are signs of their vulnerability. In the coming weeks the central bank will adopt measures to help banks to allocate lines of credits, create more flexible collateral management programs and other moves to facilitate lending to firms, Visco announced.
Among the most urgent interventions there are also those to safeguard legality and efficiency in the public administration and fight corruption, criminal activity and tax evasion, he also added.
Speaking of the eurozone, for which 2013 was "another trying year," low inflation is posing a risk to recovery, Visco said. In the monetary management, he added, the primary objective is price stability.
"Monetary policy as such cannot stimulate productivity or determine growth paths. But these are premised upon stable monetary conditions, which the governing council of the European Central Bank (ECB) is striving to ensure," the governor said.
Visco warned that low inflation is particularly harmful to a country where debt is high and the economy is stagnant, as is the case in Italy. Statistics released on Friday showed inflation in Italy fell in May to 0.5 percent from 0.6 percent in April.
Should inflation continue to fall, the ECB's governing council will take action that could include unconventional measures at its upcoming policy meeting next week, Visco, who is a member of the council, said.
BEIJING, May 24 (Xinhua) -- China's Ministry of Commerce (MOC) said on Saturday that it has reservations about a World Trade Organization (WTO) expert panel ruling on an automobile trade dispute between China and the United States.
A statement by a senior official at the ministry's treaty and law department was made after the WTO panel ruled on Friday that part of China's anti-dumping and countervailing measures on certain automobiles from the United States were inconsistent with WTO rules.
"The Chinese side holds reservations about the panel's rulings on such issues as the calculation of dumping margins and price effects," said the official who did not give his name.
The panel found that the MOC made a mistake in its determination of the residual anti-dumping and countervailing duty rates for unknown exporters of the product, according to the panel's report.
Meanwhile, the MOC supports part of the report which is fully supportive of China in the definition of domestic industry and partially in favor of China in a few other issues.
Investigations into the auto market showed that U.S. car makers have received government subsidies and dumped their vehicles into the Chinese market, which has substantially harmed China's auto industry, the MOC concluded back in 2011.
China had since levied anti-dumping tariffs from 2 percent to 21.5 percent and countervailing duties of up to 12.9 percent according to the level of subsidies U.S. carmakers received from their government, both of which expired on Dec. 14, 2013.
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