If the yield spreads on government bonds were to remain very wide for a long time, this would further undermine the outlook for growth and constitute an obstacle to the planned adjustment of the public finances. Restoring confidence is essential to sustain growth.
Other things being equal, the budget measures contained in the decree, which are indispensable to avert still worse scenarios, will inevitably have a negative impact on economic activity. Going by the historical pattern, the impact of the additional measures on GDP can be estimated as amounting to about half a percentage point over the next two years.