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Mr. Antonio Spilimbergo and Mr. Krishna Srinivasan

Abstract

Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contributory factor, and included the pursuit of countercyclical policies, introduced to deal with the effects of the global financial crisis, beyond the point where they were helpful. More fundamentally, it reflects longstanding structural weaknesses plaguing the economy, that also help explain Brazil’s uninspiring growth performance over the past four decades.

International Monetary Fund. European Dept.

(both OED) also attended at various times. Country interlocutors : Finance Minister Gualtieri, Bank of Italy Governor Visco, Labor Minister Catalfo, Cabinet Secretary Fraccaro, parliamentarians, senior government and SSM officials, Anti-Corruption Authority (ANAC), the Competition Authority, the Parliamentary Budget Office (Fiscal Council), the Securities and Exchange Commission (CONSOB), Social Security Institute (INPS), representatives of trade unions (CGIL, CSIL, and UIL), Confederation of Italian Industry (Confindustria), major Italian and international banks

International Monetary Fund. European Dept.

; Observatory for Italian Public Accounts; major Italian and international banks; the Securities and Exchange Commission (CONSOB); Social Security Institute (INPS); the Competition Authority; Consiglio Superiore della Magistratura; Anti-Corruption Authority (ANAC); Italian Statistical Agency (Istat); Conference of the State and Regions; representatives of trade unions (CGIL, CSIL, and UIL); Confederation of Italian Industry (Confindustria); Italian Banking Association (ABI); academics and other private sector analysts. Fund relations : The previous consultation discussions

Mr. Antonio Spilimbergo and Mr. Krishna Srinivasan

, the Expo in Milan, and the Mafia Capitale inquiry in Rome) show that corruption was alive and well and the political system was still vulnerable to it. These were followed by a renewed legislative attack on corruption, this time trying to achieve a better balance between repression and prevention, starting with the Severino Law in 2012. The Renzi government then intensified efforts in 2014–16. The prevention role of the anti-corruption authority ANAC was strengthened, and the appointment of respected anti-Mafia magistrate Raffaele Cantone as its head gave impulse

International Monetary Fund. European Dept.

institutional processes are in place to enhance AML/CFT effectiveness, particularly for cooperation and exchange of information and financial intelligence. The 2019 Anti-Corruption Law strengthens prevention and enforcement against corruption, and a new National Anticorruption Plan (PNA) is being drafted by the National Anti-Corruption Authority (ANAC), incorporating lessons learnt during the pandemic. Important mitigation measures were taken towards the effective detection of potential evasion and ill-gotten proceeds related to Russia sanctions, which include a vast and

International Monetary Fund. European Dept.

to develop court performance indicators. Reducing corruption will improve the business environment . Legislative measures to enhance the anti-corruption framework should be adopted and effectively implemented. This includes increasing the powers of the Anti-Corruption Authority (ANAC), criminalizing the false accounting offense, and changing the provisions on statute of limitations for corruption crimes to ensure that these crimes can be prosecuted regardless of the delays caused by lengthy appeals. Authorities’ Views Overhauling the public administration

International Monetary Fund. European Dept.
GDP has fully recovered from the pandemic crisis, but government debt has risen to very high levels. The war in Ukraine triggered a surge in energy prices and the prospect of monetary policy tightening caused government bond yields to rise sharply. Implementation of the National Recovery and Resilience Plan (NRRP), which provides large EU grants and loans conditioned on implementing a comprehensive reform and investment program, is underway.
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Italy as at the date of the onsite visit. It analyzes the level of compliance with the Financial Action Task Force recommendations and the level of effectiveness of Italy's AML/CFT system, and provides recommendations on how the system could be strengthened. Italy has a mature and sophisticated AML/CFT regime, with a correspondingly well-developed legal and institutional framework. Law enforcement agencies access, use, and develop good quality financial intelligence. Financial sector supervisors have been using a risk-based approach to varying degrees, but their supervisory tools could be improved.
International Monetary Fund. Legal Dept.

integrity within the ranks of elected and appointed officials has appeared problematic. Public procurement, in particular with respect to infrastructure work, is one area vulnerable to corruption. 19 To ensure transparency of public procurement, the National Anti-Corruption Authority (ANAC) was charged in 2014 with the supervision of public contracts; special powers have been attributed to the ANAC, including for the extraordinary and temporary management of contractors. (See Annex 2 for a fuller description of steps taken by Italy over the past several years to combat

International Monetary Fund. European Dept.
This 2015 Article IV Consultation highlights that Italy’s economy is emerging gradually from a prolonged recession. Financial market sentiment and confidence indicators have improved substantially since end-2014. Despite the recent bouts in volatility, sovereign bond yields have fallen to precrisis levels buoyed by the European Central Bank’s quantitative easing. Bank and corporate funding costs have declined. Rising business and consumer confidence has stemmed the decline in domestic demand. Against this backdrop, the economy is expected to recover moderately, with real GDP projected to expand by 0.7 percent in 2015, supported by domestic demand and net exports.