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Upb - Nota sulla congiuntura di aprile 2025

Report on Recent Economic Developments of August 2026

4 August 2026

The international environment continues to be shaped by geopolitical tensions and trade fragmentation. The resumption of hostilities between the United States and Iran has severely restricted maritime traffic through the Strait of Hormuz (Fig. 1), while Houthi attacks in the Bab el-Mandeb Strait have intensified. Oil and gas prices remain highly volatile and above their […]

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Focus No. 4/2026 “An overview of the macroeconomic and public finance outlooks in the Annual Progress Reports of EU countries – 2026”

29 July 2026

29 July 2026 | The Focus published by the Parliamentary Budget Office (Ufficio Parlamentare di Bilancio – UPB) on the 2026 Annual Progress Reports (APRs) submitted by EU Member States last April analyses the macroeconomic and public finance outlooks of EU countries for the 2025–26 period and compares the data in the APRs with the […]

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Working Paper No. 1/2026 “Wage dynamics and the role of the personal income tax”

21 July 2026

21 July 2026 | This Working Paper examines how the earnings of private-sector employees in Italy have evolved since the 1990s, and the role played by reforms of the personal income tax (IRPEF) in supporting net earnings and curbing inequality. Italy’s earnings growth has been particularly weak by international standards. According to OECD data, real […]

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OECD review of the Italian Parliamentary Budget Office

16 June 2026

The OECD assessment of the Parliamentary Budget Office (PBO) is now available online. The OECD delegation’s mission took place in Rome from September 9 to 12, 2025. Internal meetings with the Council, the Director General, and the Heads of Departments were followed by a packed schedule of discussions with representatives from the Ministry of […]

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Budgetary Policy Report – June 2026

10 June 2026

10 June 2026 | The Parliamentary Budget Office has presented today its 2026 Budget Policy Report in the Refectory Hall of the Chamber of Deputies (Palazzo del Seminario), featuring address by Chair Cavallari and by Board Members Valeria De Bonis and Giampaolo Arachi. The Report analyses developments in the economy and public finances, as […]

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Hearing in the context of the examination of the 2026 Public Finance Document

28 April 2026

28 April 2026 | The international macroeconomic outlook has deteriorated in recent months, mainly because of the conflict in the Middle East; geopolitical tensions are also having an impact on trade. The war in the Middle East has resulted in damages to energy infrastructure and led to severe restrictions on transit along strategic routes, […]

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Report on recent economic developments of April 2026

15 April 2026

Complete Text Print Summary Press release 15 April 2026 | The outbreak of a new conflict in the Middle East has once again disrupted the global economic balance, with effects that are expected to be significant. The war has led to the destruction or damage of key energy infrastructure and imposed severe restrictions on transit […]

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Focus no. 3/2026 – “Public and Private in Healthcare: Financing, Provision and Firms”

31 March 2026

Complete Text Print Summary 31 March 2026 | This Focus examines the role of the market within the Italian healthcare system, characterised by the presence of a National Health Service (INHS), that is, a model financed out of general taxation (albeit with cost-sharing arrangements) and based on the principles of universal coverage, equity of access, […]

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Focus no. 2/2026 – “An overview of the macroeconomic and public finance outlooks of the Euro Area Countries’ Draft Budgetary Plans – 2026”

26 February 2026

Complete Text Infographic Interactive visualization Press release 26 February 2026 | Macroeconomic and public finance outlooks for 2025–26 in the euro area: DPBs largely compliant with EU recommendations but risks of deviations The Parliamentary Budget Office (UPB) published today a new Focus dedicated to the analysis of the 2026 Draft Budgetary Plans (DBPs) of […]

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Focus no. 1/2026 “The 2026 Budget Law: An Analysis of the Final Texts”

20 February 2026

Complete Text Press release 20 February 2026 | The manoeuvre increases the deficit by €0.8 billion in 2026, €5.7 billion in 2027, and €6.8 billion in 2028 Parliamentary amendments slightly improve net borrowing Several tax measures have initially positive effects but subsequently negative effects and do not ensure structural resources Households receive €20 billion in […]

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