Italian budget resolution has come to a verbal agreement
- 1 month ago
Negotiations over Italy’s budget seem to have come to a verbal agreement according to EU Commission Vice President Valdis Dombrovskis.
"Intensive negotiations over the last two weeks have resulted in a solution for 2019."
He added, "Let's be clear: the solution is not ideal. But it avoids opening the excessive deficit procedure at this stage."
Due to this prolonged standoff Italy may be subject to fines from Brussels, it has slightly take a step back on two major reforms and is now committing to not adding to its already huge debt of €2 trillion in the coming year.
The modernisation of infrastructure has been a major point as disasters like the collapsing of a bridge in Genoa in August have suggested that Italy is in need of a facelift, hence Brussels has taken this into consideration and as European Economic Affairs Commissioner Pierre Moscovici put it, "Basically, this agreement is a victory for dialogue over confrontation."
Source: Smart Trend Team