In the viewfinder also Belgium, Cyprus, Lithuania, Slovenia and Finland
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Italy and five other countries (Belgium, Cyprus, Lithuania, Slovenia and Finland) the risk of not respecting the rules of the stability Pact in 2017. This is the opinion of the european Commission has today published its opinion, on which you will pronounce the Eurogroup on 5 December. The formula of the european executive on Italy is this: “The draft Law on the Budget poses a risk of breach of compliance with the requirements for the 2017 of the Stability Pact”. Brussels takes, however, the act of the Italian expenses for migrants, and earthquake. A new analysis of the gaps of Italy and 12 other countries – including France and Germany – will be presented at the beginning of 2017. And for the first time, the european commission recommends that an expansive policy for the whole of the Eurozone, setting the goal of +0.5 pe rcent of gdp in 2017.
The vice-president of the Eu commission, Vladis Dombrovskis announced that for Belgium and Italy that are in the preventive arm” of the Stability Pact and “must respect the rule of debt”, “short-term the Eu commission will return with a report on the debt”.
On the topic of premier Matteo Renzi does not give in: the Italian government has taken the first step to block the revision of the 2014-2020 budget of the Union. Renzi is back to attack the policies of only austerity and calls on the Eu to do its job. “We’re doing a battle in Europe. The flag of Europe – said the premier – is here with us and we keep her at our side but Europe to do his job, which is to promote the growth and not just austerity, to invest in the future and not only in the bureaucracy”.
Italy weigh the costs of the earthquake and of the migratory flows
“For Italy, a large part of the deviation is linked to the cost associated with the earthquake, the seismic activity of the country, it is very serious this year, the dramatic, and the management of migration flows. It’ll keep the account,” said the Eu commissioner for economic Affairs Pierre Moscovici, with reference to the situation in Italy.
Expected new analysis on imbalances in Italy and 12 other countries, including Germany,
In 2017, Italy and 12 other countries will be the subject of a “thorough review” by the european Commission as “have been identified imbalances in the analysis”. It is, writes the Commission, “of the same 13 countries that had imbalances in the last edition of in-depth reviews, i.e. Italy, Bulgaria, Croatia, Cyprus, Finland, France, Germany, Ireland, the Netherlands, Portugal, Slovenia, Spain and Sweden”. The review will be presented “at the beginning of 2017″.
Under the lens of the european and also the surplus of Germany
For Germany the european Commission “finds it useful, also taking into account the identification of an imbalance in march last, to examine further the persistence of imbalances or their liquidation”. So it is written in the so-called report of the alert mechanism (Alert Mechanism Report — AMR 2017) reporting “issues related to the great and growing external surplus and on the strong dependence on external demand, which show risks to growth, and emphasizes the need to continue rebalancing towards domestic sources”.
The Commission Juncker opens to expansionary measures
In the communication published today, the Commission “recommends an expansion of the budget up to 0.5% of the gdp of the euro area in 2017″. The States that have room in the budget (starting from Germany), they need to use their margins to sustain domestic demand and investment quality. The States need to conduct a fiscal adjustment under the prior surveillance of the eu (such as Italy) “must ensure that they will comply with the requirements of the stability pact”. The States under the procedure of the correction of the public accounts should not only correct, but also make sure of the margins of the ‘bearing’ in the budget to cope with negative circumstances in the future.
the Clash between Italy and the european Union on the revision of the multi-annual budget Eu
Yesterday, Italy has “confirmed reservation”, which has essentially vetoed the compromise proposal made by the presidency of slovakia for the revision of mid-term of the multi-annual budget that the Italian government does not consider acceptable because of the lack of guarantees for the increase of resources in favour of our priorities,” which are immigration, safety, youth unemployment and programs for the research.
The announcement had come sooner by the secretary of state Sandro Gozi in the margins of the General Affairs Council in Brussels. A move later confirmed directly by the premier.
“We put the first veto in the discussion on the budget in Brussels. Did the undersecretary Gozi in my name,” said Matteo Renzi at the inauguration ceremony of the ‘Tower Biological Ferdinando Latteri’ of the university of Catania. “In this new stable government Italy has stopped being a problem for Europe. Fill of money the european Countries that create walls. And we, today, vetoed in Europe,” added the premier.
Presidency of slovakia in the Eu: there is no consensus, we go next
The european response was not made to wait. The presidency of the Slovak round announced yesterday “to have reached a broad consensus” on the revision of the multi-annual budget of the Eu and, while “respecting the reservation made by Italy, which needs more time to join in the consensus”, and “the abstention of the United Kingdom”, has decided that it will present the agreement to the european Parliament. To say it was the under-secretary Slovak for european Affairs Ivan Korcok, stressing that the proposal involves “more than 6 billion euros” for migration, security, youth unemployment and security.
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