Rome

Visco says exit from EC's deficit procedure 'first fruit'

Bank of Italy urges government to make most of budget savings

Visco says exit from EC's deficit procedure 'first fruit'

Rome, May 31 - Italy's exit from the European Commission's excessive deficit procedure is the "first fruit" to grow from the former government's efforts at fiscal consolidation and should not be squandered, Bank of Italy Governor Ignazio Visco said Friday. "The exit from excessive deficit procedure is the first fruit...It should be considered an investment on which to build," Visco told the central bank's annual meeting in Rome. Former premier Mario Monti's government introduced strict budget measures that led to an EC decision this week to close the procedure. That is expected to free up about eight billion euros for the current government in the 2014 budget.

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