The European Commission concluded on Wednesday that Italy is in breach of EU fis...
BRUSSELS - The European Commission concluded on Wednesday that Italy is in breach of EU fiscal rules because of its growing debt, a situation that justifies the launch of a disciplinary procedure.
Italy averted the same procedure in December after a last-minute deal with the Commission in which Rome committed to a lower deficit this year - but Italian government officials now seem less prone to compromise after EU Parliament elections in May gave co-ruling far-right League a resounding win. “My door is open” to change the analysis if Italy makes new commitments, the EU economics commissioner Pierre Moscovici said.
The EU Commission is in charge of monitoring EU countries’ budgets and is obliged to publish reports on states which appear to deviate from agreed fiscal targets. The Commission’s forecasts are more pessimistic than Italy’s estimates. Rome expects the debt to rise this year to 132.6% of output, and decline to 131.3% in 2020.The difference is mostly due to the fact that the Commission is not including in its forecasts a hike in sales tax next year, which Italian government’s officials have repeatedly said they will try to avoid despite revenues from the tax hike are already included in Rome’s economic forecasts.
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