Giovedì, 20 Settembre 2018

Italy welcomes EU announced budget flexibility


Rome, July 3 - Italian Premier Enrico Letta on
Wednesday welcomed the European Commission's decision to allow
more budget flexibility for countries like Italy keeping the
deficit below the European Union's ceiling of 3% of GDP in order
to boost growth.
"The President of the European Commission (Jose Manuel)
Barroso has just announced in Strasbourg that countries out of
an excessive-deficit procedure, like Italy, will be given more
flexibility in the 2014 budget for investments in production and
to relaunch growth," said a statement issued by the Italian
government shortly after the announcement.
"This is the prize for the investment this government has
made since the beginning to respect public finance targets".
Letta, who was sworn in on April 28 at the helm of a broad
left-right coalition government, has vowed to boost growth while
maintaining the deficit below the EU's ceiling as the country,
the eurozone's third-biggest economy, is struggling with its
longest recession in over two decades.
On Wednesday Barroso announced that the Commission will
allow "temporary deviations" from midterm budget targets to
enable public investments co-financed by the EU.
"When assessing the national budgets for 2014 and the
budgetary outcomes for 2013, we will again, in full respect of
the Stability and Growth Pact, consider allowing temporary
deviations from the structural deficit path towards the
medium-term objectives set in the country-specific
recommendations on a case-by-case basis," Barroso said in
"Such a deviation must be linked to national expenditure on
projects co-funded by the EU under the Structural and Cohesion
policy, Trans-European Networks or Connecting Europe Facility
with a positive, direct and verifiable long-term budgetary
Italy is expected to contract 1.8% in 2013, according to the
Organization for Economic Cooperation and Development.

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