Budget Bill, Giorgetti: ‘We’re waiting for the EU’s leeway’. And he warns: ‘There isn’t enough to go round’
The details of the budget package will be finalised in the coming days. The minister described the measures as ‘highly targeted and well-considered’. Wars, geopolitical tensions and high levels of debt call for caution
Key points
The budget bill is entering its decisive week, but the government has yet to ascertain how much leeway it will actually have. Economy Minister Giancarlo Giorgetti highlights the crux of the matter: before finalising the budget, which is due to be approved next week, the government is awaiting clarification from the EU on the financial margins. Weighing heavily in the background are Italia’s public debt, rising interest rates and a geopolitical situation that continues to have an impact on the economy. The Ministry of Economy and Finance (MEF) remains cautious: policy objectives must be pursued, but whilst bearing in mind that ‘the blanket is too short’.
The government is awaiting the EU’s margins
“With regard to the forthcoming Budget Bill, which we will approve next week, we are awaiting the finalisation of the margins and the ‘clash clause’ by the EU.” The Minister for the Economy was emphatic in a video message sent to the general meeting of the Compagnia delle Opere.
The minister defends the line Italia has taken so far: ‘As a government, we have brought a purely realistic perspective to all international and European forums, where in some cases we have been seen not as prudent but as spendthrifts. I believe the Italian position is balanced, and I hope it will remain so in the medium term as well, because stormy times are always on the horizon; therefore, this is what I believe we must do.”
The details of the budget package will be finalised shortly. “In the coming days, the highly targeted and carefully considered measures that we have been discussing within the government over the last few days will be made public; each of the parties involved has its own priorities,” but “the course must be a safe one”.
Geopolitical tensions weigh on the economy
However, according to the Minister for the Economy, the international situation means that the government’s objectives must be ‘adjusted’. Giorgetti speaks of ‘difficult times’ and directly links economic policy decisions to the escalating geopolitical tensions.
