October 18, 2018 / 4:21 PM / a month ago

Italy's draft budget in particularly serious breach of EU rules- Commission

BRUSSELS, Oct 18 (Reuters) - Italy’s 2019 budget draft is in particularly serious breach of EU budget rules, the European Commission said in a letter to Italian Economy Minister Giovanni Tria on Thursday, in a step preparing the ground for an unprecedented rejection of the plan.

The Commission said in the latter, published on its website, that planned Italian government spending was too high, that the structural deficit, which excludes one offs and business cycle effects would rise instead of falling, and that Italian public debt would not fall in line with EU rules.

“Those three factors would seem to point to a particularly serous non-compliance with the budgetary policy obligations laid down in the Stability and Growth Pact,” the Commission letter said. (Reporting By Jan Strupczewski)

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