Brussels

EC to decide May 29 on Italy's excessive-deficit procedure

Efforts to put finances in order 'favorably received'

EC to decide May 29 on Italy's excessive-deficit procedure

Brussels, May 17 - The European Commission on Friday said it had "favorably received" the efforts put forth by the Italian government to put its public finances in order and to have excessive-deficit procedures removed. "We will present our recommendations on May 29," said a statement. Enrico Letta's left-right government is hoping to convince the EC to end the excessive-deficit procedure it has against Italy this month or early in June. The government forecasts Italy's deficit-to-GDP ratio will be 2.9% this year, taking it under the 3% threshold permitted by the EU.

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