EU debt criterion

The EC takes the first step towards Italy's ‘excessive deficit procedure’

European Commission Takes The First Step Towards Italy’s ‘Excessive Deficit Procedure’

The EC found yesterday  that Italy is in breach of the European Union’s debt criterion, with a debt/GDP ratio of 131.2% for 2017, significantly above the EU’s threshold of 60%. According to the firm Julius Baer, it is obviou the 60% target introduced in the Maastricht Treaty in the early 1990s cannot be binding anymore, given the elevated debt levels across European countries.