Italy is facing excessive economic imbalances and the policies of its government...
BRUSSELS - Italy is facing excessive economic imbalances and the policies of its government are making matters worse, posing a threat to other euro zone countries, the European Commission said on Wednesday.However, the EU executive arm, whose job is to analyze the economic performance of each of the EU’s 28 countries and warn of trouble ahead, said it would wait until it receives Italy’s reform program in April before taking action.
In an unprecedented standoff, the Commission rejected in October the initial 2019 draft budget of Italy’s ruling eurosceptic and populist coalition, which would have raised borrowing to cover election promises. The Commission said Italian public debt was likely to rise this year, rather than fall as forecast by Rome, because the country was unlikely to secure large privatization revenues in 2019, on which the debt reduction depends.
The Commission said Italian reforms broadly stalled last year and some, like the pension reform of the previous government, were reversed, which would make public finances less sustainable and hit productivity and potential GDP growth.
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