The EU has invoked the flexibility clause for Italia
The approval stipulates that Italia must publish a report twice a year on the measures adopted in the energy sector. Between now and 2028, the increase in expenditure must not exceed 1.5 per cent of gross domestic product
from our correspondent Beda Romano
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BRUSSELS – European finance ministers gave their approval today, Monday 9 November, given their approval for the activation of the safeguard clause, provided for under the Stability Pact, which will allow Italia, for a period of two years, to deviate from the prescribed path for public spending in the defence and energy sectors (see *Il Sole/24 Ore* of 4 June).
The approval stipulates that Italia must publish a report twice a year on the measures adopted in the energy sector. Between now and 2028, the increase in expenditure must not exceed 1.5 per cent of gross domestic product.
On this occasion, however, the Commissioner for Economic Affairs, Valdis Dombrovskis, urged Member States to pursue a ‘very prudent’ fiscal policy. At a press conference, the former Latvian Prime Minister confirmed that ‘the clause is limited in time and in terms of the volume’ of expenditure. He went on to clarify: “Further flexibility is not under discussion, but we are assessing (together with the Member States, ed.) which investments are compatible with energy resilience and capital expenditure.”
Speaking from Rome, the Minister for the Economy, Giancarlo Giorgetti, expressed his satisfaction with the decision taken in Brussels. “It enables us to strengthen our defence capabilities and energy security, whilst adhering to the recommended net expenditure path and at the same time safeguarding the sustainability of public finances.”
The inclusion of the energy sector – as well as the defence sector – in the safeguard clause “was an Italian victory that will benefit all European countries wishing to make use of it”.
