Relief in Italy. The country escapes sanctions for excessive deficit its debt. The european Commission has concluded that the opening of a disciplinary procedure “n'(was) more than justified at this stage, ” announced the european commissioner for economic Affairs, Pierre Moscovici.
After several months of arm-twisting around the massive debt (2 300 billion euros) in Italy, the european executive has finally opened the way for financial sanctions in early June. The package of measures announced on Monday by the government of Giuseppe Conte seems to have reassured. For Pierre Moscovici, these measures “very substantial” will enable Italy to meet its commitments and, therefore, to go back in the nails. The public deficit would not finally and 2.04% of gross domestic product (GDP) in 2019, up from 2.4 % forecast at the end of march.
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If it is only a recommendation, optimistic. The 19 Finance ministers of the euro area should confirm the abandonment of the procedure. Pierre Moscovici said he is ” very confident “, building on the tradition that the member States generally follow the opinion of the european Commission. The relations between Brussels and Rome is warm. Pierre Moscovici has underlined the importance of the dialogue with the prime minister of italy, Giuseppe Conte. Moreover, it is in Italian that he has concluded his press conference, saying that his ” door rest(was) open “.
No misunderstandings, however. “We are not at the end of the road,” warns the commissioner. Many announcements are yet to be met. Brussels intends to maintain the pressure. “It was in Rome that have the responsibility to keep its promises. We will continue to closely monitor the implementation of the budget of italy for the second half of the year, ” he warned. Another concern : the budget for 2020. It will be “reviewed very carefully” in the coming fall.
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