Left Menu
Development News Edition

Eurogroup worried over Italy budget as it awaits Commission move


Euro zone finance ministers remain worried about Italy's budget row with the European Commission and are waiting for the next move from the EU executive this week before formally stepping up their pressure on Rome, top officials said on Monday.

The ministers are in Brussels for an extraordinary meeting on euro zone reform and Italy's fiscal plans are not on the agenda, but Dutch Finance Minister Wopke Hoekstra expressed the concerns as he entered the Eurogroup talks.

"We are all worried about the existing situation. Clearly this is a matter that not only involves Italy, but all of us," Hoekstra told reporters. "It is imperative that the Commission does what is in the interest of all the different European countries."

Italy is at loggerheads with the Commission and many fellow euro zone governments over its expansionary 2019 budget which Brussels has rejected, saying it fails to bring down the debt in the highly indebted country as required by European Union rules.

Brussels is expected to adopt a report on Italy's debt on Wednesday, EU officials told Reuters last week, a possible first step in a disciplinary procedure that could eventually lead to fines and the freezing of EU funds to Rome.

In Rome, Deputy Prime Minister Matteo Salvini said any budget sanctions against Italy would be "ungenerous". Italy did not want to demolish the EU but wanted to change some rules that damage EU citizens including its own, he added.

Commission Vice President Valdis Dombrovskis declined to detail decisions to be made on Wednesday, but underlined that the EU executive was preparing "a follow-up" to a request sent to Rome last month in which it urged explanations over its large debt.

On Italy "we are certainly following all developments very closely," the head of the Eurogroup Mario Centeno said, adding that finance ministers were now waiting for the Commission's decision this week before considering the next step.

Under EU fiscal rules, a Commission report on Italy's debt would need the endorsement of senior euro zone finance ministry officials before Brussels could formally recommend the opening of a disciplinary procedure against Italy.

The procedure would formally start only when finance ministers back the recommendation, a move that could in principle be made already at meetings in early December, but that is more likely to be postponed to January, officials said. (Reporting by Francesco Guarascio and Jan Strupczewski; editing by David Stamp)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

Videos

Latest News

Colombia, Bolivia, Ecuador and Peru to eliminate roaming charges

Bolivia, Colombia, Ecuador and Peru will begin removing international roaming rates in voice and data communications as part of an initiative to boost integration and modernization between the Community of Andean Nations CAN, the blocks sec...

UPDATE 3-Libya govt, Haftar's forces dim hopes of salvaging U.N. ceasefire talks

Libyas internationally recognised leader on Wednesday dashed hopes of quickly reviving U.N. ceasefire negotiations after his side withdrew, saying talk of them resuming had been overtaken by events as eastern forces continue to shell the ca...

UPDATE 2-IMF says Argentine debt 'unsustainable,' urges bondholder contribution

The International Monetary Fund said on Wednesday that Argentinas debts were unsustainable and that bondholders in debt talks with the South American country would need to make a meaningful contribution to resolve the crisis. The statement ...

UPDATE 3-Jurors in Weinstein rape trial ask to review Rosie Perez testimony

Jurors in Harvey Weinsteins rape trial appeared to take a methodical approach in their deliberations on Wednesday, asking to review testimony from a former production assistant who says Weinstein raped her as well as from actress Rosie Pere...

Give Feedback