Major factors in the consolidation of the public finances were the introduction of rules making regional and local governments accountable and the institution of an independent authority (including representatives of central and regional governments and the central bank) that sets budgetary targets for all levels of government and reports any overshoots in the course of the year.
Finally, by law any extra revenue with respect to forecasts must go entirely to reducing the debt. Other European countries, some with significantly lower public debt than Italy’s, have kept their budgets near balance or in surplus since the establishment of Monetary Union, among other things so as to be in a position to face the problems deriving from the ageing of the population.