Brussels

OECD praises EC motion to lift excessive-deficit procedure

'Should boost Italian economy' says Premier Letta

OECD praises EC motion to lift excessive-deficit procedure

Brussels, May 26 - OECD Chief Economist Pier Carlo Padoan said Monday that the European Commission's recommendation to remove Italy from its excessive-deficit procedure "was an important development, and crucial that it arrived just now". On Sunday the EC said it proposes to close the process against Italy in light of forecasts that its deficit-to-GDP ratio will be 2.9% this year, taking it under the 3% threshold permitted by the EU. Premier Enrico Letta, who has been pushing the EU to drop the procedure by the end of this month or early June, called the announcement "good news for the country" which he hopes will give "a boost to the economy". The motion will be submitted for approval on Wednesday.

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