Rome

Italy welcomes EU announced budget flexibility

'Virtuous countries have been awarded' Premier Letta says

Italy welcomes EU announced budget flexibility

Rome, July 3 - Italian Premier Enrico Letta on Wednesday welcomed the European Commission's decision to allow more budget flexibility for countries like Italy keeping the deficit below the European Union's ceiling of 3% of GDP in order to boost growth. "The President of the European Commission (Jose Manuel) Barroso has just announced in Strasbourg that countries out of an excessive-deficit procedure, like Italy, will be given more flexibility in the 2014 budget for investments in production and to relaunch growth," said a statement issued by the Italian government shortly after the announcement. "This is the prize for the investment this government has made since the beginning to respect public finance targets". Letta, who was sworn in on April 28 at the helm of a broad left-right coalition government, has vowed to boost growth while maintaining the deficit below the EU's ceiling as the country, the eurozone's third-biggest economy, is struggling with its longest recession in over two decades. On Wednesday Barroso announced that the Commission will allow "temporary deviations" from midterm budget targets to enable public investments co-financed by the EU. "When assessing the national budgets for 2014 and the budgetary outcomes for 2013, we will again, in full respect of the Stability and Growth Pact, consider allowing temporary deviations from the structural deficit path towards the medium-term objectives set in the country-specific recommendations on a case-by-case basis," Barroso said in Strasbourg. "Such a deviation must be linked to national expenditure on projects co-funded by the EU under the Structural and Cohesion policy, Trans-European Networks or Connecting Europe Facility with a positive, direct and verifiable long-term budgetary effect". Italy is expected to contract 1.8% in 2013, according to the Organization for Economic Cooperation and Development.

Lascia il tuo commento

Condividi le tue opinioni su Gazzetta del Sud online

Caratteri rimanenti: 400

Le altre notizie

i più letti di oggi

Natalina tornava dal lavoro

Natalina tornava dal lavoro

di Salvatore De Maria