BRUSSELS
Milan , February 25, 2015 – 17:14
The European Commission has decided not to open a procedure against Italy after ‘Analysis of the Stability Law by the Board of Commissioners. However, the “imbalances remained unchanged – said the EU executive vice president with responsibility for the euro, Valdis Dombrovskis – require specific monitoring and decided policy actions” but are recognized relevant factors. No procedure even for Belgium, France will have two years of time, until 2017, to bring the deficit to GDP ratio below 3%. Commissioner for Economic Affairs Pierre Moscovici explained that “the strict application of the rule of debt would require a correction too brutal, would put Italy in an economic situation untenable.” The Italian government, as to the Belgian, was sent a letter with the communications of today’s decisions in which “remembers that efforts must be made to reduce the national debt, because the rule of debt – said Moscovici – not a deciduous rule. “
The reforms
“In the case of France, Italy and Belgium,” the three countries under observation, “is crucial – said the Commission – the full implementation of the structural reforms under way and planned. ” The Board of Commissioners has judged positively the labor reform that is carrying out the government Renzi: “The Italian Jobs Act has made decisive changes in the legislation of labor protection and benefits for unemployment to improve the entry and exit from the labor market. ”
Under observation also Berlin
Germany, too, will be “under monitoring ‘European, in his case for the high current account surplus (long top 6% of GDP) and for insufficient action to reduce it. This increases the systemic risk for the Eurozone. In this way, Germany is put under procedure. But this is a process of political intensity lower than that of the excessive deficit procedure.
February 25, 2015 | 17 : 14
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