Hello and welcome to the details of Italy’s Meloni calls for more lenient EU stability pact and now with the details
Nevin Al Sukari - Sana'a - Italian Prime Minister Giorgia Meloni told the upper-house Senate her one-year-old government was adopting 'credible' and 'responsible' policies. — Reuters file pic
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Wednesday, 25 Oct 2023 7:45 PM MYT
ROME, Oct 25 — Italian Prime Minister Giorgia Meloni today called on the European Union to focus more on growth than on stability in drafting its new fiscal rules, saying investments in defence and aid to Ukraine should be stripped from deficit calculations.
The EU’s fiscal rules, suspended since 2020 due to the Covid-19 pandemic, are due to return next year with amendments now being negotiated by governments, and Italy is proposing ways to make them as lenient as possible.
“The new rules must definitely aim at a reduction of public debt, but in a gradual and sustainable manner, because only in this way can they be credible and enforceable, overcoming the mistakes of the past,” Meloni told parliament.
Italy is at odds with northern European countries led by Germany, whose Finance Minister Christian Lindner said last week the bloc should be “more ambitious” in reducing debt and had to halt expansionary policies.
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This month Meloni’s right-wing government unveiled a 2024 budget with some €16 billion (RM80.9 billion) of extra borrowing, despite market concerns over a public debt equal to around 140 per cent of national output, proportionally the second highest in the euro zone.
The budget drives up next year’s fiscal deficit to 4.3% of gross domestic product from 3.6% under current trends.
Meloni, who is due to meet fellow European leaders at a summit in Brussels this week, told the upper-house Senate her one-year-old government was adopting “credible” and “responsible” policies.
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Meloni said it made “no sense” for the EU to urge member states to invest more in defence and provide military aid to Kyiv following Russia’s invasion last year, while at the same time including such spending in budget deficit assessments.
“For this reason we will continue to argue for these items to be stripped from deficit-to-GDP calculations either completely or in part,” she said. — Reuters
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