Tuesday , May 11 2021

The Eurogroup closes behind the Commission against the Italian government



Italy looks to continue on the collision path with the remainder European Union. From other euro zone countries' finance ministers on their way to the Eurogroup meeting on Monday, inactive calls were heard to follow the calls of the European Union Commission and submit a new budget proposal next week.

French finance minister Bruno Le Maire claimed, among other things, that budget fraud could endanger the euro, while Mario Centeno, president of the euro group and Portugal's finance minister, said he hoped that the Italian government would revise the proposal.

The message is repeated during a press conference after the meeting.

"Ministers support the Commission in every conclusion, encouraging Italy to work closely with the Commission," Mario Centeneo said Monday night at a press conference with economic commissioner Pierre Moscovici and Klaus Regling, head of the European Financial Stability Facility, EFSF.

He confirmed that The extraordinary Eurogroup meeting will be held on November 19, but said that the Eurogroup will focus on issues other than Italy. Two days later, the European Commission will once again take a position on the Italian budget proposal.

EU Commissioner Pierre Moscovici welcomed support from other euro-area countries and stressed that the budget was not about democratically elected leaders on the one hand and "unknown and faceless bureaucracies" on the other. He said that the European Union Commission is available for dialogue with the Italian government until Tuesday next week when new budget proposals will be presented.

"The ball is now on an Italian plane," Pierre Moscovici said.

Italian finance minister, Giovanni Tria refused to leave any comments on the way to the meeting. However, in an interview with the Financial Times UK published on Sunday, party leader Five Star Movement Luigi Di Maio showed no signs of support.

"If the recipe works here, it will be said at the European level: we must use Italian recipes for all other countries," Luigi Di Maio told the newspaper.

Last Tuesday Weeks must present a new draft budget. If the Italian Government continues to be persistent, this can cause the EU Commission to first punish Member States because their budget violates Union rules.

The European Commission is now considering making a decision to punish Italy the following week, according to several sources of Political Policy. By focusing on large national debt and not the budget deficit proposed by the government for 2019, the process can start earlier.


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