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According to the ECB, Italy’s stated goal of reducing its deficit to below 3 per cent of the GDP in 2013 faces a “growing risk” of failure after the coalition government’s latest economic measures, reports Il Sole 24 Ore.
The monthly ECB report found Italy, which only came out of an excessive deficit procedure in May, had a 3.3 per cent ratio in July, almost double the level 12 months before. The outlook is made worse by the country’s poor GDP performance (-0.2 per cent in the second quarter of 2013).
European Commissioner for Economic Affairs Olli Rehn echoed the concerns about the Eurozone’s third largest economy, saying Italy “has recently gone through political turbulence”, but must now focus on economic reform and stability.
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