January 16, 2021

Brussels knocks down Italy's budget and asks for a new one in three weeks – The Province

Brussels knocks down Italy's budget and asks for a new one in three weeks - The Province


The European Commission has finally rejected thebudget plan submitted by Italy, noting that European prosecutors are significantly failing, and has requested a new draft from Rome in a maximum period of three weeks, on Tuesday, November 13.

This was announced by the Vice President of the Executive for the Euro, Valdis Dombrovskis, and the Commissioner of Economic and Monetary Affairs,Pierre Moscovici, at a press conference in Strasbourg (France).

This is the first time that the EU Executive has deposited a budget plan for a eurozone country since the Stability and Growth Pact has been in force. Brussels warned last Friday to the Italian authorities that its draft included "unprecedented" breaches of the rules, but Italy replied that it will not modify the document.

"Today, for the first time, the Commission is obliged to ask a eurozone country to review its budget draft, we see no alternative to asking the (Italian) authorities to do so," said Dombrovskis.

The economic vice president of the European Commission has explained that the "clarifications" sent by the Italian Government have not convinced Brussels to change its initial conclusion that the Italian accounts present a "serious risk" of non-compliance "of the Stability and Growth Pact .

For his part, Moscovici has pointed out that the Brussels decision "should not come as a surprise to anyone" and added that, since Rome announced that it would deliberately raise up to 2.4% of GDP, "it was clear that we were facing a unpublished situation ".

.



Source link