Italy says its 2020 budget is not a significant deviation from EU fiscal rules

Italy's 2020 draft budget does not imply a significant deviation from EU rules, the government said in a letter sent to the European Union Commission on Thursday. Italy's fiscal plan assumes a rise in the structural deficit, the measure excluding business cycle swings and one-off expenditure and revenue, of 0.1% of GDP. Under EU rules this deficit should fall 0.6% of GDP.

"The projected change in the structural balance in 2020 would not constitute a significant deviation", Economy Minister Roberto Gualtieri said in response to EU letter asking for clarification over its budget for next year.

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