Italy's 2019 budget yet to be formally notified to European Commission for review, says Moscovici

European Commissioner Pierre Moscovici said the core element of Italy's public sector deficit risked not being in line with the terms of eurozone rules if the overall deficit being targetted in 2019 was 2.4 per cent of GDP as mentioned by Rome.

Moscovici, whose portfolio at the EU executive is economic and financial affairs, said Italy's 2019 budget had yet to be formally notified to the European Commission for review.

"The rules are there," he said during a visit to Paris. "If it (the overall deficit) is 2.4 per cent, it's possible that the structural deficit will not be within the bounds of the (EU) stability and growth pact," he said. 

(With inputs from agencies.)