BRUSSELS (AP) — European Union finance ministers say Italy’s massive individual debt contravenes EU policies and that the state have to confront penalties for failing to comply.
Mario Centeno, who chairs meetings of finance ministers from the 19 international areas generating use of the euro currency, stated Friday that they concur with a European Commission evaluation “that a debt-primarily based process is warranted.”
Speaking correct following a eurogroup meeting in Luxembourg, Centeno stated Italy has been “invited to select the important actions to make particular compliance” with the guidelines.
The charge, which supervises the finances applications of the 28 EU member states, states Italy’s common public debt stood at 132.two% of GDP in 2018, further than double the EU’s 60% restrict.
The charge is recommending that an “excessive deficit procedure” be introduced. Italy could face substantial fines, while this is not probably.