Sat. Feb 23rd, 2019

The Italian Budgets are approved in the Lower House and passed to the Senate

The Italian Budgets are approved in the Lower House and passed to the Senate

The Budgets that Italy has drawn up for 2019 were approved today in the Chamber of Deputies and will now go to the Senate, where they are expected to be modified based on the negotiations between Rome and Brussels, still in progress.

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The text was approved by 312 votes in favor and 146 against and will continue its parliamentary procedure prior to its approval.

However, the text that has obtained the green light will surely not be the final one, but it is expected that in the Senate it will be corrected in relation to the talks between the Italian Government and the European Commission, which has rejected the Italian budget plan for providing for a deficit of 2.4% of gross domestic product (GDP), a figure that Brussels considers high.

"We are studying all the options, we are looking at the financial spaces and detailing the forecasts," Italian Economy Minister Giovanni Tria said in statements to the media.

Tria has considered that it is possible that the government, formed by the anti-system Five Star Movement (M5S) and the extreme right-wing League, reach an agreement with the Commission that allows the country to avoid the sanctions procedure, but for that it has to present a table macroeconomic situation with lower deficit forecasts.

"An agreement is possible, it depends on what is decided on one side and on the other," he summarized, without going into details about whether the Executive is considering leaving the deficit at a figure close to 2% of GDP, as pointed out by the media.

For his part, the undersecretary to the presidency of the Italian Government, Giancarlo Giorgetti, declared that "a meeting point is always achieved if two arguments are compared".

The Italian Government submitted this Friday in the Lower House to a vote of confidence, a technique used to avoid amendments and abridge approval, in this case the Budgets.

It is expected that new modifications to the document will be made in the Senate, whether Rome finally sends a new estimate of the deficit or in relation to some announced taxes, for example those of the most polluting vehicles.

Italian Prime Minister Giuseppe Conte said this week that the response to Brussels would arrive soon, although it is unknown when it will be.

The two formations that run the country, the M5S and the League, have reiterated that they are not willing to give up their social measures promised in the electoral campaign.


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