Economics
The One Thing Euro-Area Finance Ministers Are Thinking About: Italy
- Eurogroup to discuss Italy’s budget at a meeting in Brussels
- Finance ministers will also discuss euro-area reform plans
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Euro-area finance ministers gathering in Brussels on Monday will discuss Italy’s escalating budget standoff with the EU as the bloc waits for the government in Rome to respond to the unprecedented rebuke it received two weeks ago.
The discussion comes as Italy is asked to submit revised spending plans by Nov. 13, after the European Commission essentially rejected the country’s budget for 2019, saying that it constitutes a clear deviation from commonly agreed fiscal rules. Despite repeated warnings, Prime Minister Giuseppe Conte has said there’s no “Plan B” for the fiscal program, indicating the government has no intention to comply with EU demands.