Italy's budget may be in violation of the European Union's budgetary rules. The European Commission has requested clarification from Italian Finance Minister Roberto Gualtieri.
The budget reportedly falls short in terms of reduced spending, as previously required of Italy by the EU. Earlier this year, Brussels even threatened sanctions if Italy did not adhere to the fiscal frameworks. Meanwhile, Rome now has a less Eurosceptic government.
The letter serves as a warning to the Italians. At the end of September, anonymous insiders stated that Italy was working on a budget that would comply with all European rules. They were said to be taking a cautious approach to build credibility.
Promotion
The European Commission is warning six eurozone countries regarding their draft budgets. Belgium, Italy, France, Spain, Portugal, and Finland risk not complying with the rules of the Stability and Growth Pact. According to the budget figures, Paris is doing nothing to reform public finances, and Finland is increasingly spending more. Belgium, Spain, and Portugal are unable to submit full budgets yet due to elections earlier this year.