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The Italian government put the ball back in the European Commission’s court by deciding not to change its budgetary targets despite the possibility of the EU’s sanctions action against it.
Late Tuesday evening, Finance Minister Giovanni Tria sent Economic Affairs Commissioner Pierre Moscovici and Vice President Valdis Dombrovskis the long-awaited reply to their letter asking the Italian government to rework its draft budget plan, which flouts the country’s previous commitments under the EU’s fiscal rules.
The Italian government did make a small concession by including so-called safeguard clauses that would be automatically triggered to avoid the deficit-to-GDP ratio climbing above 2.4 percent in 2019 and to sell some real estate properties belonging to the state, according to statements made by 5Stars leader and Deputy Prime Minister Luigi Di Maio after Tuesday night’s Cabinet meeting.
On his way out from Prime Minister Giuseppe Conte’s office, he said: “We won’t go over 2.4 percent deficit, and we believe in 1.5 percent economic growth next year.”
“If Brussels like our plan we’re happy; if not, we press forward,” added the League’s Matteo Salvini, Italy’s other deputy prime minister.
The Italian government’s deadline for sending a reply to the Commission was before midnight Wednesday.
Earlier on Tuesday, Tria issued a statement saying, “the growth rate isn’t negotiable as the forecasts are exclusively technical.”
In response to Rome’s defiant stance, the Commission could launch the so-called “excessive deficit procedure” (EDP) against Italy as early as November 21.
The EDP could result in strict economic demands on offending countries to bring their budget deficit and national debt back in line with EU standards. If ignored, the Commission can consider financial penalties of up to 0.5 percent of GDP — or about €9 billion in Italy’s case.
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