Brussels– Continue to handle excess deficit proceduresThe Ministers of Economy and Finance met in Brussels for the first time under the Hungarian presidency of the Economic and Financial Council and agreed to support the Council. At the request of the European Commission Continue to fight against Italy, Belgium, France, Hungary, Malta, Poland and Slovakia. Officially, nothing has been decided yet. Therefore, the proceedings will not start immediately, as it was decided to hold only a debate on orientation due to time constraints. The decision was deferred to the meeting Klepper July 24ththe Ambassador will then inform the Minister of Economy, who must approve it in writing. This process should be completed by July 26, and the Twelve Stars Monitoring should begin on that date.
Economic Commissioner, Paolo GentiloniHowever, he was keen to point out that “this is It is too early to talk about sanctions According to the Convention, “(money) against a Member State” Excessive Deficit Procedures and the rules of the new Stability Pact. The new common rules on economic policy and public finance have been revised downwards. The principle is to reduce the amount of the penalty for not correcting excessive deficits, but the fine is intended to be imposed precisely because of its lighter nature.
In case of deviations or insufficient reduction commitments, sanctions of 0.05% of GDP could be imposed every six months, so a fine of 0.1% of GDP per year (rather than interest-free deposits of up to 0.5% of GDP, as currently envisaged). However, Gentiloni continues with the far-flung scenario.We are not referring to sanctions, but the beginning of a long processHe stressed that the excess deficit process “takes a long time” and starts from the moment the formal decision is made to endorse the community administrator’s recommendation.
All eyes are therefore on the EU Council. By the end of next week, Italy and six other countries should formally join the EU’s corrective arm. The Economy Minister, Giancarlo Giorgiotti, It doesn’t cause drama and it puts partners at ease.”We believe it is essential to comply with the new European budget rules“.