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World

EU MINISTERS 14. 06. 2019.   >>  19:30 0

EU MINISTERS

Italy urged to respect the debt promises

EU finance ministers and officials have warned Italy that it needs to bring its public finances back into line with the bloc’s rules, saying previous commitments to rein in its debt must be honoured.

Arriving at an EU meeting in Luxembourg, France’s economy minister urged Rome to “accept the hand” extended by the European Commission, which last week warned Italy that it was in breach of its obligations while stressing that Brussels was open to discussions on what action needs to be taken.

“My message to Italy is to accept the hand that has been extended,” Bruno Le Maire said. “It’s in the interest of all the euro-zone members to stick with the common rules.”

The message was echoed by German finance minister Olaf Scholz, who told reporters that “in the end the rules are not just something which is written on paper”.

The commission’s announcement last week means Italy is on course to be placed in a formal “excessive deficit procedure”, a process than can in theory end in fines, unless it corrects its budgetary course.

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