European Commissioner Expects Agreement On Criminal Proceedings

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European Commissioner expects Agreement on Criminal proceedings against Italy. European Commissioner Pierre Moscovici expects European finance ministers to agree to criminal proceedings against Italy for failing to reduce debt.

 

“We will remain with specific procedural steps.

No more, no less,” Moscovici told on Wednesday. “Let’s not lose time.”

He states he is open to further dialogue with the Italian government on public finances.

“In the meantime, we ensure that the council can take the necessary decisions as set out in the treaty.”

After the European Commission recently concluded that a disciplinary procedure against Italy is appropriate,

 the European finance ministers must indicate whether they support this.

If they support the committee, the European Commission can formally propose the plan.

The procedure can then be started officially at the beginning of July.

Italy has a government debt of 132 percent of gross domestic product (GDP),

 the second highest level in the eurozone and one of the highest levels worldwide.

With economic growth stagnating in a growing budget deficit,

 government debt is expected to rise to 135 percent this year.

The European Commission wants the Italian government to come up with a plan to reduce that debt.

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