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As widely anticipated, on May 29 the European Commission cancelled the excessive deficit procedure it had opened in 2009 against Italy.
Rome will now enjoy a freer hand in stimulating its economy, but in exchange Brussels asked Italy to continue the budget consolidation and simultaneously speed up reforms to raise its economic competitivity.
As a result, “Italy’s room for manoeuvre is very little,” comments Il Sole, while nonetheless saluting a “success due to the sacrifices of all.”
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