7/3/2019, 4:10 PM (Source: TeleTrader)
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EU decides not to initiate budget procedure against Italy

European Union on Wednesday decided not to initiate proceedings against Italy over excessive deficit after the government in Rome promised to reduce its budgetary shortfall by €7.6 billion or around 0.42% of gross-domestic-product, multiple media reported on Wednesday. Besides this, Italy also guaranteed that its upcoming 2020 budget would adhere to EU spending rules.

Outgoing European Commissioner for Economic and Financial Affairs Pierre Moscovici hailed Rome's effort, stating that the proceedings, which could have ultimately result in sanctions, were no longer warranted.

Earlier, the European Commission warned Italy over its spending plan, urging for a "substantial" deficit correction for this year and 2020.

Breaking the News / MA