Italian Chamber of Deputies Wednesday examined and approved the draft law articles and amendments in the constitution which provides for the principle of balancing public accounts.
Daily Il Sole 24 Ore reported that one of the articles provides for the establishment of an independent body that will check the state budget.



The introduction of the constitution of the principle of balancing public accounts and checking the state budget by an independent body are two of the commitments that it took Italy to the European partners. The first step that these provisions be approved finally was made Wednesday by the House of Representatives, which approved with 464 votes this bill. Only 11 deputies abstained and there was no vote against.



Daily stresses in this context that Prime Minister Mario Monti message on national cohesion, sent the day after ministers meeting in Brussels of European economies, has been understood.



The text will be discussed Thursday by the Italian Senate. Under the Constitution, it will be finally approved after a second session to vote in both houses. This is scheduled for February 28, 2012. Unanimous approval of the law to avoid a referendum to approve constitutional reforms. Wednesday's vote result is a signal to capital markets and European partners intention to undertake a strategy of Italy fiscal stringency.





Minister of Parliamentary Relations, Piero Giardia, explained that "in this way, the state will ensure a balance between revenue and expenditure, taking into account the positive and negative phases of the economic cycle". Where will be exceeded, will be offered a financial rehabilitation plan. Therefore, if a year will end in loss, the government will be required to recover next year to prevent increased flow.



The law will establish the maximum limit states and the ratio of public output and GDP and the figure will intervene through austerity plans.