Dash for the EMU train

Italy's three-year economic and financial plan allocating 5.9% public sector borrowing requirement and public debt of 124.6% of GDP for 1996, remains way off the requirements imposed by the Maastricht treaty. The plan aims for a public sector borrowing requirement of L88,000 billion in 1997 which is 4.4% of GDP. Italy wants desperately to join the European Monetary Union to avoid its potentially adverse effects to the Italian economy.
Italy has a race to meet the Maastricht treaty requirements. Its budgeted 5.9% public sector borrowing requirement and public debt of 124.6% of GDP are way off target. Fine words, [...]