July 29, 2021

Moscovici says he does not want sanctions against Italy, but a continuous dialogue

Moscovici says he does not want sanctions against Italy, but a continuous dialogue



The European Commissioner for Economic Affairs, Pierre Moscovici, insisted today that he does not want sanctions against Italy for the budget project that his Government presented last month, and that his bet is "an uninterrupted, continuous, vigorous dialogue."

"I have never been favorable to the sanction" because "it is the worst of the exits," Moscovici said in an interview with the France Info radio station when asked about the question of the Italian budget that will be examined today by the Eurogroup.

He refused to use the term rejection to refer to the position of the European Commission to the draft submitted last month by the Italian Government, and which provides a level of deficit significantly higher than previously expected.

According to his own explanation, "there are a series of questions that have to be answered" on the level of the debt, which is around 130% of the gross domestic product (GDP), on the outlook for growth in Italy, or on whether the deficit structural decreases enough.

Asked what would happen if the Italian government returns to present the same budget, the French commissioner responded with an undefined "we will see", and recalled that the ministers of the eurozone will give their opinion today.

He insisted that the European Commission is the guarantor of the respect of the Stability and Growth Pact, which "is not a stupid rule" and that guarantees stability in the single currency.

"Italy must respect the common rules" because "you can not do what you want when you belong to the euro zone", but that does not prevent your executive from implementing your own policies, such as your plan against poverty, argued .

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