EU works on disciplinary action over Italy debt, but could still avert it -Moscovici

European Union economics commissioner Pierre Moscovici said the EU executive will continue preparations for a disciplinary procedure over Italy's rising debt but remains ready to avert it if Rome made steps to comply with the bloc's fiscal rules.

Moscovici was speaking on Friday after a meeting of eurozone finance ministers in which Italy's public finances were discussed. Italy risks an EU disciplinary procedure that could lead to fines.