Italy's new government should not challenge European Union fiscal rules whe...
CERNOBBIO, Italy - Italy’s new government should not challenge European Union fiscal rules when it submits its draft 2020 budget to Brussels next month, the head of the euro zone finance ministers, Mario Centeno, said.
It has also pledged not to endanger public finances in order to preserve markets’ favor and rebuild relations with Brussels, damaged by frequent clashes over fiscal slippage under the previous executive made up of 5-Star and the eurosceptic League. Businessmen gathered on the shores of Lake Como for the annual forum to discuss the threats to the global economy also called on the new government to introduce fresh incentives to spur corporate investments.
The president, who acts by moral suasion but has no policy powers, urged more spending on infrastructure, education and research. Italy’s debt costs, which had been lifted by the previous coalition’s anti-European stance, fell sharply last week as markets reacted positively to the new administration.Centeno welcomed the appointment of Roberto Gualtieri at the helm of the Italian Treasury saying it was “absolutely key at this stage” to have a pro-European finance minister in Rome.
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