Italy battles for flexible EU budget rules as bond spreads widen
ROME - Italy is lobbying its European Union partners with increasing urgency to approve more flexible budget rules, according to government sources, as bond spreads widen and Rome fears that deviations from its 2024 spending targets will trigger a disciplinary procedure from Brussels.
These include favourable treatment of various types of investments as well as higher defence spending and financial and military aid to Ukraine. However Eurostat, using technical accounting criteria, may decide they should be shifted to 2024 and beyond, revising down deficits for the years when limits were suspended and increasing them when updated fiscal rules return.
Brussels is proposing to focus fiscal consolidation on net primary expenditure - excluding discretionary fiscal revenues, interest costs and cyclical spending on unemployment support.
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