Date: 5 months ago   Category: Financial

The European Commission decided not to fine Italy because of its budget


The European Commission will not impose penalties against Italy for excess of the targetted budget deficit of the country in 2019. The European Commission made the decision not to fine Italy for excess of the targetted budget deficit of the country in 2019. The vice-chairman of European Commission Valdis Dombrovskis on Twitter reported about it on Wednesday, December 19. Earlier following the results of long consultations with Brussels the budget of Italy for 2019 was corrected and now provides deficiency at the level of a little more than 2% of GDP in comparison with initial 2.4% which violated rules of the EU and could lead to disciplinary actions from EC. "To find the solution on the Italian budget, many efforts and long negotiations were necessary. We will be honest: not the ideal decision. However it will allow to avoid the procedure of excessive deficiency (Excessive Deficit Procedure, EDP) at this stage if the coordinated measures are completely realized", - Dombrovskis in the microblog wrote. It is known that the EDP procedure provides a penalty at the rate to 0.2% of GDP for excess of the established budget deficit. As it is reported, during negotiations with European Commission the government of Italy was forced to lower the items of expenditure connected with introduction of basic income for jobless and poor segments of the population and also decrease in a retirement age. At the same time the government considers that it did not refuse these reforms. "I hope that this decision will become fundamentals of the balanced budgetary and economic policy in Italy. The country needs urgently to restore trust to the economy to soften financial conditions and to support investments. Eventually, it will support purchasing power of all Italians", - summarized the deputy head of European Commission. Before the state of the European Union agreed to approve the sanctions procedure against Italy because of non-compliance with the budgetary rules of the EU. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

URL:

Today

just now

The Russian President's Press Secretary considers that sanctions against Russia will not help Ukraine to solve problems on Donbass. The president's team of Ukraine of Vladimir Zelensky will not solve...

just now

It can carry out sample tasks in warehouses and also distinguish objects with which works. The Ukrainian engineers from the GlobalLogic company created a prototype of a robotic hand with use of techno...

just now

The song appeared at the beginning of 2019 and managed to rush into foreign charts. The premiere will be held on Wednesday, May 22. The Ukrainian singer Jamala announced a release of the clip to the S...

just now

The United States Secretary of Energy during the visit to Kiev discussed gas issues with the president and the prime minister of Ukraine. The prime minister Volodymyr Groysman at a meeting with the Un...