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

Published on 30 May 2013 at 08:52

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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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