Euro area Finance Ministers call on Italy to take action to comply with European budgetary rules and to avoid opening infringement proceedings in July for increasing Italian public debt and the structural deficit slippage (excluding the impact of the economic situation) (see EUROPE 12274/2).
“The Eurogroup followed the opinion of the Economic and Financial Committee (of the Council of the EU) where there is agreement with the Commission that a debt-based procedure is warranted. And Italy is invited to take the necessary measures to ensure compliance with the provisions of the Stability and Growth Pact”, said Eurogroup President Mário Centeno on Friday 14 June.
Asked about the nature of the necessary measures, Italian Minister Giovanni Tria expressed optimism that the Italian government's ability to demonstrate that the measures already provided for in its 2019 Finance Law will enable Italy to meet its budgetary commitments, including the absence of a widening of the structural deficit. One of the difficulties highlighted on the Italian side is the fact that updated data will not be available until the end of July.
Tria also highlighted the asymmetry in the surveillance of euro area countries in difficult fiscal situations and states, such as Germany, that are accumulating current account surpluses that can create macroeconomic imbalances in the euro area.
The French Minister, Bruno Le Maire, reiterated on Friday that it was in the interest of Italy and the euro area as a whole for Rome to respond “in the coming days” to the European Commission's request for additional information and data. (Original version in French by Mathieu Bion)