Italys PM Conte sees no room to change 2019 budget plan

Remigio Civitarese
Ottobre 18, 2018

The magazine later corrected its report and said a letter from the commission would only come after final discussions between Moscovici and the Italian government.

The government of the right-wing League and the anti-establishment 5-Star Movement had already issued the financial framework for the budget, raising the target for next year's deficit to 2.4 percent of gross domestic product. The EU executive has never taken this step since it was given beefed-up powers in 2013.

The consent of Italy, the euro zone's third biggest economy, is necessary for the process to go forward.

"We are convinced that austerity is a path that can no longer be followed", Conte told parliament ahead of a European Union summit later this week where his peers are expected to ask him about the budget.

Italian ministers, who have repeatedly bristled at what they see as unnecessary interference from Brussels, urged greater respect for Rome.

16 he was proud of his government's freshly approved expansionary budget while the European Commission warned it may run into opposition from eurozone partners. It rejects Rome's argument that the package can lower debt by expanding the economy. We are dismantling the previous pension law, giving back the right to work at 400,000 Italians (young people able to pick up the jobs vacated by older people who could retire earlier).

To seek to explain its strategy to the European Commission in a dialogue "without prejudice". Last week, Italian stocks briefly slipped into a bear market, and while they have rebounded a little, they remain subdued - although Italy's benchmark share index, the FTSE MIB is more than 1% higher on Tuesday.

Five-Star leader and Deputy Prime Minister Luigi Di Maio said the basic income, his party's flagship policy which will cost some 10 billion euros ($11.58 billion) next year, will kick off before the end of March.

Salvini on Wednesday called the reported drop-off of the two migrants in a wooded area by two French paramilitary gendarme police - whose van then allegedly drove back across the border at high speed - "an unprecedented affront to our country" and "an global disgrace". A survey by pollster Demopolis on Friday showed 52 percent backed the plan, compared with 38 percent who gave it the thumbs down.

Commenting on the Italian budget, in an overnight note Goldman said that Italy is not the only country to deviate from the EU's country-specific recommendations and be in breach of the fiscal rules, with the bank noting that France is also non-compliant with the public debt rule.

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