Italy cut its 2019 budget deficit target on Monday in an effort to avoid Europea...
ROME - Italy cut its 2019 budget deficit target on Monday in an effort to avoid European Union disciplinary action over its public finances, saying the revised data meant the country was fully compliant with EU rules.
Prime Minister Giuseppe Conte called a cabinet meeting on Monday to review public finances, issuing a statement afterwards saying both the structural and headline deficit would fall this year thanks to higher-than-expected revenues and lower spending. A government source said this would translate into a deficit of 2.04% of output against the 2.4% forecast in April. Another source said the cabinet was sticking by its 2020 deficit target of 2.1%. Brussels has predicted much higher numbers for both years and has urged action to rein in the overshoot.
The leaders of Italy’s two coalition parties, Matteo Salvini of the right-wing League and Luigi Di Maio of the anti-system 5-Star Movement, have promised to implement tax cuts next year in an effort to boost the lacklustre economy.
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