Italian Minister Says EU Deal on Fiscal Rules Unlikely This Year

Italy’s economy minister warns that the European Union won’t reach a fiscal rules agreement with the EU before the end of the year. On Friday, the minister said that the EU wouldn’t reach a fiscal rules agreement with the EU before the end of the year.

Giancarlo Giorgetti said that the EU still lacked a real political dimension when he spoke at a festival hosted by the Brothers of Italy party of Prime Minister Giorgia Meloni. He compared the EU to a “condominium meeting” where attendees only care about their own interests.

Giorgetti stated, “Europe is incapable of taking any strategic decision in a timely manner.”

The priest, a senior individual from the co-administering Association party, told the board Italy would like the EU to draft its own expense for huge tech organizations, for example, Apple to assist with funding its not unexpected spending plan.

He stated, “Europe would make such a decision if it was a political subject.”

The minister made it sound like the EU might not be able to come to an agreement on new fiscal regulations, which need to be changed after being suspended in 2020 because of the COVID-19 pandemic.

After Meloni threatened to veto any deal that would penalize Rome this week, he stated that there was “little chance” of concluding negotiations next week at a video conference of the bloc’s finance ministers.

A fiscal adjustment path that is focused on spending reductions over four to seven years has been proposed by the European Commission as a means of modifying the regulations. The largest economy in the bloc, Germany, has also demanded that countries with a lot of debt, like Italy, reduce their debt by at least 1% of GDP annually.

Giorgetti stated this month that Italy wanted to pursue its fiscal adjustment over a seven-year period “without further conditions” if it implemented its post-COVID recovery plan.

“We are playing this game with boldness yet in addition with cunning,” Giorgetti said, remarking the dealings.