Eurogroup says Italy holds key to avoiding excessive deficit procedure

EPA-EFE/STEPHANIE LECOCQ

Valdis Dombrovskis, vice president of the European commission for the Euro and Social Dialogue (L); Pierre Moscovici, the European Commissioner for Economic and Financial Affairs and Taxation and European Commissioner for Employment, Social Affairs, Skills and Labour Mobility Marianne Thyssen (C) hold a press conference on the Autumn Semester Package at the European Commission in Brussels, November 21, 2018.

Eurogroup says Italy holds key to avoiding excessive deficit procedure


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After weeks of bitter discussions following the EU’s rejection of Italy’s budget strategy, the European Commission’s Vice-President Valdis Dombrovskis, the EU executive’s man in charge of the euro, has put the onus on the Italian government, saying Rome now holds the fate of the Itay’s budget plan in their hands as it will be up to the Italian government to make changes to a budget proposal that Brussels insists is full of fundamental flaws.
“The strategy of the Italian government does not seem to work and it is important that it changes,” said Dombrovskis. “It’s positive that the tone of the discussion has changed and we are engaging with the Italian authorities, but it’s also, of course, necessary that a substantial adjustment to the 2019 budget be made…Now the ball is in Italy’s court to make those adjustments.”
 European Economic Affairs Commissioner Pierre Moscovici has reiterated that the Eurogroup that the fact that the EU was having talks with Rome does not mean the infringement process initiated is halted.
“We will continue with our dialogue to find a solution and, in the meantime, continue to prepare our decision because the procedure has been launched and the EU member states have supported it,” Moscovici, adding  “The proposals are going in the right direction, but obviously the gap is still quite substantial between the Italian budget, as it now stands, and the requirements of the stability and growth pact. We need to fulfil that gap and this is why we still need to work together.”
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