European Council approves Italy deficit procedure
France among six other countries in same situation
The European Council said Friday that
it has followed the European Commission's recommendation for it
to launch an infringement procedure against Italy and six other
countries, Belgium, France, Hungary, Malta, Poland and Slovakia,
for having excessive budget deficits.
Italy had a deficit-to-GDP ratio of 7.4% last year.
The EU's budget rules, which have come back into force after
being suspended during the COVID pandemic and the energy crisis
sparked by the Russian invasion of Ukraine, say deficits should
not exceed 3% of GDP.
The procedure requires the countries with excessive deficits to
present plans to correct their public finances and they face
penalties if they fail to do so.
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