Italy cut its 2019 budget deficit target on Monday by €7,6bn lower than the previous forecast, which corresponds to roughly 0,4% of GDP. The new headline target should bring the deficit to 2,04%, as originally agreed upon with the European Commission, rather than the revised 2,4% Rome projected in April.
The new budget savings are not founded on cost-cutting measures but on the fact that two major spending measures – early retirement and universal income – have thus far cost less than originall...

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