EU Plans To Assess Italy's Economy By May, Vice President Says

Italy’s Economy Under the European Commission Microscope
  • Italy benefited most from flexible interpretation of budget
  • Katainen speaks after economic growth targets revised

The European Commission expects to publish an assessment of Italy’s economy next month, Vice President Jyrki Katainen said.

“Italy has benefited the most from flexible interpretation” of EU budget rules, Katainen said Saturday in a Bloomberg Television interview at the Ambrosetti Workshop in Cernobbio, Italy. Katainen supervises jobs, growth, investments and competitiveness for the commission.

Italy will fail to reduce its debt load this year as much as previously targeted due to lower than expected economic growth, Finance Minister Pier Carlo Padoan said on Friday after the government met on the budget. The government forecasts economic growth of 1.2 percent in 2016 and 1.4 percent in 2017, down from previous projections of 1.6 percent for both years.

The European Commission is pushing ahead with its plan to harmonize the regulation in the energy and capital market industries, Katainen said. The commission will submit several legislative proposals on a digital single market in the next months.

"It is very easy to sell and buy ties across border in Europe but try and buy a box of TV channels in another country and use it in your country. This is not possible," he said.

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