Italy presents 2017 budget, seeks compromise with Brussels

The Italian Cabinet of Prime Minister Matteo Renzi approved the country’s 2017 budget on the 15 October 2016. Italy hoped to lower its deficit to 2.3% of gross domestic product from the earlier 2.4% target.

As required by the Two Pack (euro area budgetary surveillance), Italy, and all other eurozone countries, submits its draft budgetary plan to the European Commission by 15 October every year, prior to the adoption of their national budgets.

An increasingly visible exchange of words took place between the Commission and Italy's prime minister following criticism as regards the the Stability Pact budget rules.

• Primary Source

ESO: Background information: Where Now for Italy And the EU? A Conversation With Matteo Renzi http://www.europeansources.info/record/where-now-for-italy-and-the-eu-a-conversation-with-matteo-renzi/

ESO: Background information: Italy to seek new EU deal to keep economy on track http://www.europeansources.info/record/italy-to-seek-new-eu-deal-to-keep-economy-on-track/

Politico, 15.10.16: Italian government approves 2017 budget http://www.politico.eu/article/italian-government-approves-2017-budget/

The Local.it, 16.10.16: Renzi unveils 'budget full of good news for Italians' https://www.thelocal.it/20161016/renzi-unveils-budget-full-of-good-news-for-italians

European Commission: DG Economic and Monetary Affairs: EU economic situation: Economies of the Member States: Italy http://ec.europa.eu/economy_finance/eu/countries/italy_en.htm

European Commission: DG Economic and Financial Affairs: EU economic governance: Stability and Growth Pact: Draft budgetary plans of euro area Member States http://ec.europa.eu/economy_finance/economic_governance/sgp/budgetary_plans/index_en.htm

EurActiv, 19.10.16: Obama hails Renzi’s reforms, criticises EU austerity http://www.euractiv.com/section/euro-finance/news/obama-hails-renzis-reforms-criticises-eu-austerity/

EurActiv, 24.10.16: Italy warns of disaster if Europe rejects its budget http://www.euractiv.com/section/euro-finance/news/italy-warns-of-disaster-if-europe-rejects-its-budget/

Politico, 27.10.16: Pierre Moscovici, trying to make Italian duvet fit EU suitcase http://www.politico.eu/article/pierre-moscovici-trying-to-make-italian-duvet-fit-eu-suitcase/

EurActiv, 08.11.16: Stop attacking Commission on fiscal policy, Juncker tells Renzi http://www.euractiv.com/section/euro-finance/news/stop-attacking-commission-on-fiscal-policy-juncker-tells-renzi/

EurActiv, 09.11.16: Italy row with Brussels escalates, Renzi lashes out at EU ‘diktats’ http://www.euractiv.com/section/enlargement/news/juncker-tells-turks-to-blame-erdogan-if-visa-free-deal-fails/

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