Italy excessive deficit procedure

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.

The EC rejects Italy's budgetary plans

The EC And Italy’s Game Of Chicken: Draft Budget Dismissed. Next Step To Fine The Country ?

“The narrative of expected compromises, a watering down of stances and the serving of another “Brussel’s fudge” seems to have become less convincing after the EU rejected the Italian budget proposal in an unprecedented move,” says analysts at Monex Europe regarding the rejection of Italy’s budgetary plans. In fact, for the first time in the history of the EU, the European Commission has rejected a draft budget proposal of a member country, while sounds from the Italian camp have an equally confrontational ring to it.