ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2019-07-16  |  UPDATED: 2019/6/23 - 23:17:05 FA | AR | EN
Tory leadership race exposes Britainís democratic deficit             Georgia parliament head quits after 240 injured in crackdown             Russia will help Iran with oil, banking if payment channel not launched: Ryabkov             Iran refrained from hitting manned US plane accompanying downed drone, IRGC says             Senior Afghan Politicians In Pakistan For Key Meeting             SCO plays constructive role in promoting regional peace, stability: Statement             1000s of Haitians protest against corruption            Trump announces exit of his spokeswoman Sarah Sanders            Ghani, Modi Discuss Afghan Peace in Bishkek             SCO Summit Begins In Bishkek            Video: Iran saves crewmembers of tanker hit in Sea of Oman             World reacts as two tankers Ďattackedí in Sea of Oman             Police shooting of black man triggers unrest in Memphis, Tennessee            UK government signs order to enable Assange extradition to US            Ex-Football Chief Yet To Be Detained Despite Arrest Warrant            

DATE PUBLISHED: 2019/6/12 - 14:32:10
VISIT: 510
SHARE WITH YOUR FRIENDS

EU moves closer to disciplinary action over Italyís rising debt

The European Union has moved closer to the formal opening of disciplinary proceedings against Italy for consistently breaching the 28-member blocís political and economic debt rules, and failure to meet its debt reduction targets.

On Tuesday, representatives of EU governments agreed in the Belgian capital Brussels that the action was warranted, confirming the assessment of the European Commission that the Italian government should cut its budget deficit and reduce public debt.

The Commissionís outgoing president, Jean-Claude Juncker, said Italy was "moving in an unsound direction" and risked a procedure that could last years.

Leaders of the eurosceptic coalition government that took office in Rome a year ago agreed overnight on a willingness to address the EUís concerns.

Prime Minister Giuseppe Conte said they would work together to avert the disciplinary action.

"Our shared goal is to avoid the infringement while safeguarding economic growth, employment, as well as tax cuts," Deputy Prime Minister Matteo Salvini of the far-right League commented.
Salvini has made tax cuts a priority and repeatedly taken aim at Brussels, calling for an overhaul of EU fiscal rules.

He insisted on Tuesday that "there wonít be any budget correction nor tax increases."

Finance Minister Giovanni Tria also underplayed the events in Brussels, saying the final decision would lie with the blocís finance ministers.

He stated that a budget correction was not necessary, but one would be implemented if needed.

Tria further highlighted that Italyís deficit would be lower than initially forecast due to lower expenditure.

According to EU rules, no country should have a budget deficit larger than three percent of gross domestic product (GDP) or debt above 60 percent of GDP, but Italyís public debt was 132.2 percent of GDP in 2018, and it is forecast to rise to 135 percent.

The countryís annual budget deficit is also expected to be above the permitted three percent in 2020.

Moreover, the European Commissionís demands, such as higher taxes and spending cuts, are actually in direct contrast with the Italian governmentís ambitious spending plans.

"This should not come as a surprise. It is a result of the arm-wrestling that the government has chosen to engage in with the EU, ignoring its warnings and rules, and taking a confrontational stance," Elsa Fornero, the Italian economist and former minister of labor, social policies and gender equality, warned.
She went on to say that the governmentís unwillingness to go back on its campaign promises could have wide-ranging negative impacts on the life of Italians.

No country has ever been fined for excessive debt, and this would be the first procedure of its kind.

Marcello Messori, director of the LUISS School of European Political Economy in Rome, warned it is almost inevitable the procedure will go ahead.

"If this is the case, the situation would be very serious for Italy, because the commission would demand gradual but very strict fiscal adjustments, which would weigh down on Italy for decades," Messori said. "The risk is that this could open up a new and completely unpredictable conflict between the European Commission and the Italian government."

 

 

LINK: http://ansarpress.com/english/11628


TAGS:






*
*

*



SEE ALSO

Tory leadership race exposes Britainís democratic deficit


Georgia parliament head quits after 240 injured in crackdown


Russia will help Iran with oil, banking if payment channel not launched: Ryabkov


Iran refrained from hitting manned US plane accompanying downed drone, IRGC says


SCO plays constructive role in promoting regional peace, stability: Statement


1000s of Haitians protest against corruption


Trump announces exit of his spokeswoman Sarah Sanders


Video: Iran saves crewmembers of tanker hit in Sea of Oman


World reacts as two tankers Ďattackedí in Sea of Oman


Police shooting of black man triggers unrest in Memphis, Tennessee





VIEWED
MOST DISCUSSED







POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Trump rejects UN request for FBI probe into Khashoggiís murder to save weapons sales

Tory leadership race exposes Britainís democratic deficit

Georgia parliament head quits after 240 injured in crackdown

Russia will help Iran with oil, banking if payment channel not launched: Ryabkov

Iran refrained from hitting manned US plane accompanying downed drone, IRGC says

Senior Afghan Politicians In Pakistan For Key Meeting

SCO plays constructive role in promoting regional peace, stability: Statement

1000s of Haitians protest against corruption

Trump announces exit of his spokeswoman Sarah Sanders

Ghani, Modi Discuss Afghan Peace in Bishkek

SCO Summit Begins In Bishkek

Video: Iran saves crewmembers of tanker hit in Sea of Oman

World reacts as two tankers Ďattackedí in Sea of Oman

Police shooting of black man triggers unrest in Memphis, Tennessee

UK government signs order to enable Assange extradition to US

Ex-Football Chief Yet To Be Detained Despite Arrest Warrant

Man Who Tried To Approach Ghani Was Asked By Arg ĎTo Stay Silentí

Leader of Iran to Japan PM: Trump not worthy of exchanging messages with

Explosions hit two large oil tankers in Sea of Oman: Reports

Saudi crown princeís sister to go on trial in France in July

Catalan separatistsí rebellion trial closes

Trump says US sending 1,000 troops to join the 4,000 already in Poland

UK parliament rejects move to block no-deal Brexit

Oil prices jump following suspected attacks on two oil tankers in Sea of Oman

Explosions hit two large oil tankers in Sea of Oman: Reports

PM Abe calls Iran significant country, voices Japanís readiness to help ease tensions

Daesh In Afghanistan Aims To Attack US: McKenzie

Putin Hopes Efforts On Afghan Peace Will Product Positive Results

Japanís Prime Minister Abe in Tehran on historic visit

Germany Mediates for Ending Afghan War: MoFA

Taliban Main Obstacle to Peace Process: Abdullah

China lashes out at US for Ďirresponsibleí comments on Hong Kong

EU moves closer to disciplinary action over Italyís rising debt

Key Taliban Member Among 52 Others Killed In Zabul: Governor

Afghan Director Begins Filming New Movie In Iran

Italy Ďdeterminedí to avoid EU debt procedure

US companies sued over Londonís deadly Grenfell Tower fire

Turkey condemns US Congress resolution on purchase of Russian S-400 systems

Collapse of Century: Howís US Hegemony Declining?

Why is he so low-key? UK PM candidate Johnson bashed for avoiding scrutiny


MEDICAL NEWS








ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š