Strasbourg

3% ceiling is joint rule, makes sense says Moscovici

Responds to Salvini

3% ceiling is joint rule, makes sense says Moscovici

Strasbourg, March 14 - The 3% budget deficit to GDP limit is a joint EU rule that "makes sense", European Economic Affairs Commissioner Pierre Moscovici said in commenting League leader Matteo Salvini's declared intention of ignoring it if he gets into power. "I'll let political leaders express their opinions but the 3% rule is a joint rule, I think it is a commonsense rule that enables the public debt to be reduced," Moscovici said. Salvini said Tuesday the Euroskeptic League may flout the rule in order to try to boost the Italian economy and pay for its flat-tax pledge. Financial markets are "serene" after two populist and Euroskeptic parties won Italy's inconclusive general election and "we're serene too", Moscovici said. "I respect the rhythms of Italian democracy, the Italians expressed their preferences with the vote and now it's up to (President Sergio) Mattarella and the political formations to define the new government," he said. "I am confident that Italy will remain a solid and reliable partner," Moscovici said. He added: "I observe that the markets are serene and we are serene too because we have confidence in Italian democracy and Italy's commitment to the EU". Both the anti-establishment 5-Star Movement and the rightwing anti-migrant League have voiced Euroskeptic positions and have suggested they will not be constrained by the 3% budget deficit to GDP limit.

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