Economics
Italy Gets EU Nod for Spending Plans to Cushion Virus Impact
- EU Commission says stimulus plan won’t affect rules compliance
- Fiscal rules allow flexibility for unusual events, EU says
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Italy’s stimulus plans to cushion the economic impact of the coronavirus outbreak won’t be factored in when assessing the country’s compliance with the European Union’s fiscal rules, the bloc’s executive arm said.
In a letter to the government in Rome, the European Commission’s top economic officials approved the recently announced spending plans, saying such one-off measures won’t be considered when computing Italy’s key deficit indicators. The Commission’s green light underscores how much of a priority the management of the outbreak’s economic impact has become for Brussels.