| Author (Corporate) | European Commission: Press and Communication Service |
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| Series Title | Press Release |
| Series Details | IP/05/809 (29.6.05) |
| Publication Date | 29/06/2005 |
| Content Type | News |
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Following its report of 7 June 2005 (see Related URL) and the opinion of the Economic and Financial Committee, the European Commission considers that there is an excessive budget deficit in Italy. The deficit was 3.2% of GDP in 2003 and 2004, and is expected to remain well above the 3% Treaty reference value in 2005 and 2006 under an unchanged policy scenario. At around 107%, Italy's debt-to-GDP ratio is also well above the Treaty reference value of 60% and not decreasing fast enough. The Commission recommends that this budgetary situation be corrected, by the end of 2007 at the latest, through structural measures. The ECOFIN Council is expected to endorse these recommendations at its next meeting on 12 July 2005. |
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| Source Link | http://europa.eu/rapid/pressReleasesAction.do?reference=IP/05/809&format=HTML&aged=0&language=EN&guiLanguage=en |
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| Countries / Regions | Italy |
