Tria Says Too Much Drama With EU on Budget Harms Italian Economy
Tria Says Too Much Drama With EU on Budget Harms Italian Economy
(Bloomberg) -- Italy is willing to keep discussing its budget with the European Union to avoid needless drama that is harmful to the country’s economy, Finance Minister Giovanni Tria said.
“The dramatization of dissent between Italy and the European Commission damages the Italian economy and consequently the European economy. This consideration underpins our commitment to continue the dialogue with the Commission in the search for a solution that can be shared in mutual interest”
The finance chief was replying to the European Commission’s rejection of Italy’s budget plan released earlier on Wednesday. Tria said in a statement that he noted “with regret” how the EU’s executive arm didn’t agree with the reasons behind the government’s plan.
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Tria defended his fiscal targets, which include a controversial 2019 deficit goal set at 2.4 percent of the country’s economic output. He said that the budget “ensures the total control of our public finances within the limits of the moderate expansionary policy made necessary by the slowdown of the European and Italian economy.”
He reiterated that the budget “guarantees the objective of reducing the debt-to-GDP ratio.”
To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Alessandra Migliaccio, Kevin Costelloe
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