86867
Bruno Le Maire
Bruno Le Maire

France Warns Italy Against Breaking EU Commitments

France Warns Italy Against Breaking EU Commitments

The stability of the eurozone will be at stake if a populist new government in Italy fails to keep its financial commitments, French Economy Minister Bruno Le Maire warned Sunday.
“If the new government takes the risk of not respecting its commitments on debt and the deficit, but also the clean-up of the banks, the financial stability of the eurozone will be threatened,” Le Maire told CNEWS television, AFP reported.
“Everyone must understand in Italy that Italy’s future is in Europe and nowhere else, and if this future is to be in Europe, there are rules that must be respected,” he added. Le Maire said previous commitments by Italy would remain “whichever government” was in place.
Brussels is anxious that Italy continues with efforts to bring down its massive debts in line with EU rules, wary that a new government in Rome will seek to increase public spending. The EU forecasts that Italian public debt will remain 130% above its GDP this year—more than double the bloc’s 60% ceiling.
“I respect the sovereign decision of the Italian people, but there are commitments which go beyond all of us,” Le Maire said. “We will see what decisions are taken by Italian officials. I cannot stress enough how important it is to keep these commitments in the long-term to guarantee our common stability.”
The anti-establishment Five Star Movement and far-right League party, which are edging towards forming a government, called for deep changes in Italy’s relations with the EU in a joint policy program published Friday.
Italy has been in political deadlock since inconclusive elections in March.
While an exit from the single currency—mooted in leaked drafts of the document—is no longer proposed, the document announced the parties’ intention to review “with European partners the economic governance framework” of the EU, including the euro.
The parties want a monetary union that is “appropriate for the current geopolitical and economic imbalances and consistent with the objectives of the economic union,” it said.
The joint policy platform also includes a number of manifesto promises from the League, including hardline immigration and security proposals.

Short URL : https://goo.gl/xAKph8
  1. https://goo.gl/ZZvfYe
  • https://goo.gl/kj19cQ
  • https://goo.gl/XvTV2y
  • https://goo.gl/HDghc2
  • https://goo.gl/6UdjxE

You can also read ...

China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
Surging Inflation Mars Philippines Growth
The Philippine economy in 2018 is a story that can be summed...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus