EU Commission gives green light to Italian debt reduction plan
Brussels approves the seven-year spending path proposed by the Meloni government
From our correspondent Beda Romano
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STRASBOURG - In the context of the entry into force of the new Stability Pact, the European Commission has positively assessed the consolidation plans received from member countries in recent weeks. Of the 22 plans submitted, 20 have received the EU executive's approval. Only the Dutch one will have to be revised, while the Hungarian one is still being analysed. The Italian plan, on the other hand, has been approved. The Financial Plan for 2025 was also approved.
"These plans will contribute to fiscal sustainability and promote sustainable and inclusive growth," commented Commission Vice-President Valdis Dombrovskis, noting that of the 20 plans approved, five of them (including the Italian one) are for seven years, rather than four. "The plans reflect the EU's common priorities of strengthening economic and social resilience, advancing the green and digital transition and reinforcing Europe's security capacity."
The national plans approved are for the following countries: Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Ireland, Greece, Italy, Latvia, Luxembourg, Malta, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. "For these Member States," reads the documentation distributed in Strasbourg today, Tuesday 26 November, "the Commission recommends to the Council to approve the net expenditure path included in these plans".
At the same time, Brussels also analysed the national budgets for 2025, again on the basis of the new rules of the Stability Pact, which look closely at the development of net state expenditure. More generally, the budget has to be consistent with the national fiscal consolidation plans. According to Brussels, Italy's 2025 budget (still the subject of political skirmishes) is in line with the budgetary recommendations, along with those of Greece, Cyprus, Latvia, Slovenia, Slovakia, Croatia and France.
On the other hand, the budgets of Estonia, Germany, Finland and Ireland are considered not fully in line because the annual (Finland, Ireland) and/or cumulative (Estonia, Germany, Ireland) net expenditure is expected to be above the respective ceilings. The budgets of Luxembourg, Malta and Portugal are assessed as not fully in line with the recommendation because these countries do not phase out energy support measures as recommended by the Council.
