Eurozone finance ministers showed united stance against Italy’s budget in the meeting in Brussels yesterday. In a statement, they said “we agree with the Commission assessment” on Italy’s draft budget plan (DBP). And, the group “look forward for Italy and the Commission to engage in an open and constructive dialogue and for Italy to cooperate closely with the Commission in the preparation of a revised budgetary plan which is in line with the SGP (Stability and Growth Pact).”
At the post meeting press conference, Commissioner for Economic Affairs Pierre Moscovici reiterated that a “new” or “revised” DBP was requested by November 13, and “that is a necessity”.
However, Italian Economy Minister Givoanni said after the meeting that the his government wasn’t in the process of changing the budget. Instead, he added, “We hope that the spread will narrow when the market understands our strategy.”
