Giovedì, 18 Ottobre 2018

EU summit ratifies closure of Italy deficit procedure


Rome, June 28 - European Union leaders have
ratified the closure of an excessive-deficit procedure against
Italy and other nations, an end-of-summit statement said Friday.
In May the European Commission recommended that the
procedure it opened against Italy in 2009 be ended and the move
was upheld by the ECOFIN council of EU economy ministers last
The procedure has been closed as Rome has forecast that
Italy's budget-GDP ratio will be under the 3% threshold allowed
by the European Union this year, at 2.9%.
It was 3% last year.
A country has to be within the deficit margin for two
consecutive years for the procedure to be closed.
The EU, however, warned Italy and the other countries to
emerge from deficit procedures that they must keep working to
improve the health of their public finances and introduce
structural economic reforms.
"The European Council welcomes the abrogation of the
excessive-deficit procedure for several Member States as well as
the efforts of those which are expected to meet their fiscal
targets," the statement read.
"At the same time, Member States should accelerate their
structural reforms. This will underpin efforts for a rebalancing
of the EU economy, help restore competitiveness and address the
social consequences of the crisis".
The end of the procedure will free up around eight billion
euros for the Italian government as of next year.
This is because Italy is no longer obliged to devote part
of its budget to debt-cutting measures.

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