19 December 2018

BBC: Italy budget deal struck with Europe after months-long row

Under the deal, Italy has agreed to lower its planned budget deficit from 2.4% to 2.04% - not as much of a reduction as European officials had hoped for.

The value of Italy's concessions is understood to be a little more than €10bn (£9bn).

Italian Prime Minister Giuseppe Conte said the compromise was a win for both sides.

"We can say in conscience that we have realised in full the wishes of our citizens, demonstrating determination in the economic politics of the government," he told the country's senate.

"We have achieved by means of a complete sense of responsibility, a shared solution, that is good for Italians and satisfactory to Europe."

Acknowledging that the concessions were less than what had been asked for, European economic commissioner Pierre Moscovici said it had been a difficult year for the Italian people, citing the collapse of the Genoa bridge in August and the widespread damage caused by recurrent storms.

"The agreement reached today shows unambiguously that the European Commission is not the enemy of the Italian people," he said.

"We are not a machine made up of insensitive bureaucrats, imposing austerity and denying democracy. I hope that today we can move beyond such caricatures.

"I hope that today we can also put to rest any doubts over Italy's place in Europe."

Valdis Dombrovskis, the commission vice-president in charge of financial stability, said the agreed budget "still raises concern".

But he said the deal meant disciplinary action could be avoided - "provided that the agreed measures are fully implemented". [...]

Full article on BBC

Commissioner Pierre Moscovici: College read-out and remarks on the Italian budget

Vice-President Valdis Dombrovskis: College read-out and remarks on the Italian budget

© BBC - British Broadcasting Corporation