Giovedì, 18 Ottobre 2018
ROME

Letta says end of EU procedure won't bring immediate benefit

English
© ANSA

Rome, May 27 - Premier Enrico Letta said Monday
that he was satisfied the European Commission (EC) is set to end
the excessive-deficit procedure against Italy but warned that
the benefits would not be immediate.
The end of the procedure, which is set to be ratified at a
meeting on Wednesday, will free up eight billion euros of public
money that would otherwise have had to have gone into bringing
down the ratio between deficit and gross domestic product (GDP).
But Letta stressed that this does not mean the government
has this cash available immediately to use for a number of
pressing problems faced by his left-right administration.
"The closure of the EU procedure for excessive deficit is
certainly good news, but it'll will only have an effect on our
budget in 2014," Letta told a meeting with regional governors,
according to a source who was present.
"As we know, it will not free up resources immediately".
The EC is set to close the procedure it opened in 2009,
with the government saying Italy's budget-GDP ratio will be
under the 3% threshold allowed by the EU, at 2.9%.
It was 3% last year.

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