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Italy's accruals and cash deficits show fiscal gap, Robin Brooks notes
Robin Brooks, industry influencer, draws attention to the disconnect between Italy's reported accruals deficit and its cash deficit. According to Brooks, while Italy has received recognition for reducing its accruals deficit to 3 percent, the cash deficit, which drives debt issuance, remains at 6 percent.
He suggests that fiscal policy in the Euro zone is fundamentally flawed, attributing the issue to the European Central Bank.
Brooks has previously focused on the link between central bank policy and debt markets. In his analysis of Japan, he attributed the yen’s decline to national debt and the Bank of Japan’s yield cap policies in one review. He also noted that Bank of Japan bond purchases could limit the effectiveness of currency interventions in a separate assessment.
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