"Ministers supported the European Commission's assessment and invited Italy to prepare a revised budget in accordance with our fiscal rules." Italy has a week to rediscover its budget, "said Mario Centeno, Euro Group Leader and Portuguese Finance Minister Mario Centeno.
He spoke centenally at the press at the end of the Eurogroup meeting, which brought together the finance ministers of 19 European Union (EU) member states in Brussels.
At a meeting, the European Commission, the 2019 draft budget rejected the union's financial rules since the refusal to contain serious deviations, Centeno said, "The European Commission has asked for the country's draft budget to be resubmitted for the first time," he said.
"The ministers discussed the EU Commission's assessment and invited Italy to prepare the revised budget in accordance with our fiscal rules." Italy has a week to resubmit its budget. "he made his own assessment.
In a statement released after the Eurogroup meeting, we agree with the EU Commission's assessment of the draft Italian budget for 2019 the terms used.
"We look forward to a clear and constructive dialogue between Italy and the European Commission and prepare a budget plan that has been amended in accordance with the Stability and Growth Pact of Italy," the statement states as an inseparable part of the Stability and Growth Pact. "The description is a day.
The "budget" crisis between Italy and the EU
The budget deficit in Italy is expected to be about 1.6 percent next year, but it is expected that the state administration will bring unemployment benefits to long-term bankruptcy (long-term bankruptcy) due to long negotiations, retirement retirement reform; in order to achieve their promises, they decided to provide an additional 0.8 percent of the budget deficit.
In the draft state budget that was sent to the EU Commission on October 15, the target of the budget deficit for the next year was 2.4 percent compared to the gross domestic product (GDP). Italy has announced that the budget deficit will be reduced to 2.1 percent in 2020 and 1.8 percent in 2021.
The Italian budget plan, EU institutions and member states received criticism.
The European Commission, in a letter sent to the Italian government in recent days, pointed out that the Italian budget law 2019 had departed from the targets in a rather unexpected way in the history of the Stability and Growth Pact, which led to disrespect for the Pact's obligations.
The European Commission rejected the November 23, draft budget for 2019 on the grounds that it contained serious negligence on the union's financial rules.
Italy is the country with the highest public debt in the EU after Greece. Italy needs to reduce its debt according to EU rules.
Greek public debt is equal to 180 percent of GDP. This rate is 130 percent in Italy.
Information on the site is not a recommendation and is not covered by investment advice. The investor might not fit your profile.