Manoeuvre 2025: all steps before approval
The government will face several crucial steps, from the presentation of the Nadef to the EU's judgement on Italy's public accounts
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Key points
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The 2025 Manoeuvre is just around the corner and the government is preparing for several crucial milestones. From the presentation of the Nadef to the EU Commission's assessment, here is what to expect in the coming months.
27 September: presentation of the NaDef
.By 27 September, the government must present the Nadef, the update note to the Economic and Financial Document (DEF). The document updates the economic and public finance forecasts contained in the April DEF (primarily the data on GDP, deficit-GDP ratio and debt-GDP ratio) that form the basis of the programmatic targets of the Manoeuvre. The note must then be approved by a resolution in each of the two chambers.
15 October: sending the PDB to Brussels
.By 15 October, the government must transmit to the European Commission and the Eurogroup the Programmatic Budget Document (PDB), which records balances and measures contained later in the actual text of the budget law. This is the beginning of the dialogue with Brussels, which monitors the compliance of EU countries with the constraints of the EU treaties.
18 October: Fitch and S&P rating
Just a few days after the presentation of the Dpb, on 18 October will come the judgement on Italy's public accounts by the rating agencies Fitch and S&P. In its last analysis Fitch had confirmed Italy's BBB rating with a stable outlook, as had S&P, which had confirmed Italy's BBB rating with a stable outlook.
20 October: the budget bill
On 20 October there is the official presentation in parliament by the government of the budget bill, i.e. the actual manoeuvre. This is the provision that has in its belly the three-year public finance manoeuvre, with all the measures, explained in detail. The practice in recent years has been for the government to approve the Budget Bill by 20 October in the Council of Ministers, even if the actual text was then presented to the House or Senate at the end of October, if not on 1 November.
