Daily Management Review

Italy refuses to change draft budget


11/09/2018


Italy does not plan to revise the draft budget for the next year in accordance with the requirements of the European Commission, Italian Deputy Prime Minister Luigi Di Maio said at a meeting with representatives of the Association of Foreign Press in Rome.



Revolweb
Revolweb
He also made it clear that he did not believe in any penal measures against Italy on the part of Brussels, reports Bloomberg.

In addition, the Italian Deputy Prime Minister expressed confidence that Italy will remain in the Eurozone. “I guarantee this as deputy prime minister of the government,” AFP quoted him as saying.

“The times have changed: over the past year I have become more confident that I should stay in the eurozone,” he said.

The Italian government should submit a revised draft budget to Brussels no later than November 13. Earlier, the European Commission rejected the draft budget of Italy, laying a deficit of 2.4% of GDP in 2019, and accused Rome of overly optimistic forecasts. It is expected that on November 21 the European Commission will adopt its position on the revised document.

Di Maio said that he was open to dialogue, but he did not give any signals about possible concessions. “We made promises and will stick to them in order to remain a trustworthy country,” he said, stressing that the Italian government would not postpone the promised measures, including benefits for the poor and lowering the retirement age.

According to updated European Commission forecasts, Italian GDP growth will slow from 1.6% last year to 1.1% this year (1.5% was expected in summer). In 2019, the economy will add 1.2%, while the goal of the Italian government is 1.5%. In 2020, an increase of up to 1.3% is expected. The budget deficit in Italy, according to the European Commission, will increase to 2.9% of GDP next year and 3.1% in 2020, exceeding the limit of 3% of GDP established by EU rules.

Di Maio on Friday stressed that a deficit of 2.4% of GDP is achievable, as economic growth in Italy will increase thanks to the steps taken.

Italian stock index FTSE MIB during trading on Friday fell 1.4%. The yield on 10-year Italian government bonds increased by 4.4 basis points, to 3.344%.

source: bloomberg.com






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