October 27, 2017 / 2:58 PM / a year ago

EU Commission says Italy's 2018 draft budget is below effort required

BRUSSELS, Oct 27 (Reuters) - The European Commission said on Friday Italy’s draft budget for next year implies a structural adjustment below EU requirements and also lower than Italy’s promised efforts.

The EU executive said Italy has to provide clarifications by October 31. The commission has the power to reject euro zone countries’ budgets that are considered to be in serious non-compliance with EU fiscal rules.

Italy was required to have a structural adjustment of 0.6 percent of its gross domestic product in 2018.

The government pledged to reach an adjustment of only 0.3 percent when it presented its budget in mid October. However, the commission estimated that the actual structural effort is only 0.2 percent, it said in a letter sent to Italy’s Finance Minister Pier Carlo Padoan. (Reporting by Francesco Guarascio; editing by Robert-Jan Bartunek)

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