Proceedings under threat: Despite protests: Rome still waiting for budget plan

The EU urged to improve its budget proposal, rejects Rome. The budget plan remains unchanged, said Tuesday evening Deputy Prime Minister Luigi Di Maio. "We think it's the budget the country needs to restart it," Di Maio said at the conclusion of a Cabinet meeting in Rome.

For the first time in October, the European Commission rejected the draft budget of a Member State. The Commission criticizes the fact that Italy's new debt for 2019 is three times higher than that agreed by the previous government with Brussels. This promised 0.8 percent. Rome is now threatened by an excessive deficit procedure that could result in high fines or a reduction in EU aid.

IMF puts pressure on Rome

The International Monetary Fund (IMF) has also warned Italy against any negative fiscal impact. The fund was a bad testimony of the Italian economy on Tuesday. "The real personal income has reached the level of two decades ago, unemployment is about 10% over this period and the living conditions of the middle and younger generations have eroded, "says a report. If Italy adhered to its plans, growth would only represent one percent of gross domestic product (GDP) for the years 2018 to 2020, after which it would continue to fall.

The other European countries had already been largely in the conflict: the euro finance ministers, like Brussels, called for a new budget, in line with the euro stability pact. German Chancellor Angela Merkel said Tuesday in a speech on the future of Europe in the European Parliament in Strasbourg: "Anyone who relies on solving problems solely through new debt and who ignores the commitments made will lay the foundation for the strength and stability of the Euro space in question ". She has "the sustained hope" that a solution will be found in an interview with the European Commission.

Damage to the fears of Italy

Common sense must be stronger than whims, said the President of the European Parliament, Antonio Tajani. The "arrogance" leads to defend an "economically untenable" attitude. Rome was facing "enormous damage for the Italians in the years to come," continued the Italian.

Italy is the third largest economy in the euro zone and is already heavily indebted. Their public debt amounts to 2.3 trillion euros, or 130% of economic output. The coalition wants to implement election promises and spur growth, including lowering taxes and increasing social spending, such as basic security.

Waiting for an answer

The government also wants to put in place mechanisms to control the deficit, said Tuesday night. The deficit should not exceed the projected threshold of 2.4%. In addition, more properties must be sold.

"We are working on a budget that will create more jobs, more pensions and less taxes, not for everyone, but for many.If we love Europe, we will be satisfied, otherwise we We will continue our journey, "said Interior Minister and Second Deputy Prime Minister Matteo Salvini of the right-wing populist Lega. There was no direct reaction from Brussels on Tuesday. On 21 November, the European Commission wishes to give its opinion on all the draft budgets.