After a great deal of uncertainty, because of the political significance of the choice, the european Commission has sent yesterday evening to the Italian government requesting information on the projected balance sheet, relative to 2017. In the message made public here in Brussels, the executive of the community requests information on the reasons for which Rome has changed its financial objectives. Those who expected criticism or reviews was disappointed. Rather, Brussels wishes to cultivate with Rome a “constructive dialogue”.
After noting that the government was committed to a reduction of the structural deficit of 0,6% in 2017, the Commission notes how the objectives of the Italian Financial show instead a drift of the structural deficit. In the letter, the Commission’s vice president Valdis Dombrovskis and monetary affairs commissioner Pierre Moscovici asking for “explanations on the revision of the objectives and the gap is substantial with respect to the commitments taken in the last spring”.
At the same time, the executive of the community wants the ministry of Economy precise best “outstanding expenses” that the government has sustained both on the face of the recent earthquake in the Lazio region, the North-side emergency refugees, and which asks for budget flexibility. The Commission gives the government until tomorrow to respond to requests for clarification. Brussels “wants to continue a constructive dialogue with Italy to come to a review” of the Financial.
Budget Law, the government in lima the text. Slide the landing to the Bedroom
The letter has a tone of courteous vis-à-vis the Italian government. Taking into account the figures of the projected balance sheet of Italy, the Commission would note in this circumstance that the country is at risk of non-compliance with the Stability Pact, in the light of the high public debt, beyond that of the drift of the structural deficit. Instead, the executive community has preferred to postpone, despite the scaremongering of recent days on the Italian media.
Rather, the letter appears to be a due act in the light of the data provided from Italy. The timing in the analysis of financial statements by the Commission is clear. After the presentation of the Financial in mid-October, the executive community has four weeks of time to make a review of the national budgets. In the meantime, if the text is visibly in contrast with the european standards and with the Stability Pact, Brussels has two weeks to reject the document and request changes. In this case, the eu rules stipulate that, before deciding on the rejection, the european Commission must be in contact with the government, the object of doubts in the lap of the first week. The communication sent yesterday in Rome falls in this context. However, it is clear that the message is not meant to be a first part of a rejection of it unquestionably. However, never in these years, the executive community has felt to hold a national budget.
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The Commission asked long if you send a request for clarification was appropriate. On the one hand, submission is a way to respect the budget rules and avoid any possible criticism by the governments more attentive to the respect of the Stability Pact. On the other, there is the obvious feeling here in Brussels that the premier Matteo Renzi is using Europe as a punching bag, punching bag, while affirming the critical flicked to the choices of the community that he is the right man to defend the Italian interests in the Union.
Hold firm to the course development
in general, the impression is that the Commission does not want to be too combative with Italy, in the hope of finding Rome a compromise. The executive community does not want to in this previous period the constitutional referendum of December 4, stir the hearts of men in Italy, aware of the difficult political and economic situation. In the meantime, requests for clarification were sent yesterday to Belgium, Spain, Cyprus, Lithuania, Portugal and Finland.
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