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EU again rejects Italy budget

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BRUSSELS, Sept. 12, 2018 (Xinhua) -- Photo taken on Sept. 5, 2018 shows European Commission Vice President for Euro and Social Dialogue Valdis Dombrovskis during an exclusive interview with Xinhua outside the European Commission headquarters in Brussels, Belgium. Dombrovskis has called for close cooperation between the European Union (EU) and China in financial services, urging both sides to work together to make international financial system
European Commission Vice President for Euro and Social Dialogue Valdis Dombrovskis

The European Commission rejected Italy’s draft budgetary plan for 2019 again, paving the way for disciplinary procedures against the eurozone’s third-largest economy…reports Asian Lite News

BRUSSELS, Sept. 12, 2018 (Xinhua) -- Photo taken on Sept. 5, 2018 shows European Commission Vice President for Euro and Social Dialogue Valdis Dombrovskis during an exclusive interview with Xinhua outside the European Commission headquarters in Brussels, Belgium. Dombrovskis has called for close cooperation between the European Union (EU) and China in financial services, urging both sides to work together to make international financial system "safe, stable and efficient." (Xinhua/Ye Pingfan/IANS) by .
European Commission Vice President for Euro and Social Dialogue Valdis Dombrovskis

European Commission Vice President Valdis Dombrovskis said in a press briefing that “with regret, that today we confirm our assessment that Italy’s draft budget plan is in particularly serious non-compliance with the Council recommendation of July 13.”

“We conclude that the opening of a procedure for excessive deficit based on the debt is thus warranted,” Dombrovskis added.