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Europe Takes a Deep Breath as Action Against Italy Approaches

  • Italy has until Nov. 13 to submit revised spending plans
  • Government in Rome has said it won’t change its budget law
Bloomberg business news
Italy’s a low-grade fever, not a crisis for the European Union, says Marc Chandler of Bannockburn Global Forex.(Source: Bloomberg)

The European Commission is ready to escalate its budget battle with Italy.

For all their apprehensions, officials in Brussels are prepared to kick start a disciplinary process to tackle Italy’s unprecedented challenge to the European Union budget regime unless the government in Rome delivers a last minute U-turn.