‘Italy back in major league but Europe asks for reforms’

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.”