Economy Minister Pier Carlo
Padoan on Tuesday denied that Italy was in violation of EU
budgetary rules and said the country was making every effort to
reduce its massive debt.
"I know there is the perception that Italy is breaking the
rules but look carefully at the figures, it's not true," said
Padoan during an audition before the European parliament.
"We stick to the rules better than others despite the high
debt, which we are making every effort to keep on a path of
reduction," he added.
Italy "currently finds itself in the preventive 'embrace'
of the Stability Pact" regulating budgetary policy among EU
member states, the minister said, adding that Italy was "also
introducing structural reforms to strengthen sustainability".
His comments came as an apparent indirect response to an
earlier declaration on flexibility by his German counterpart
Wolfgang Schaeuble.
"Flexibility is not negative per se but it must not lead to
a situation where the agreed rules are not respected," Schaeuble
said.
"Then it would be wrong and would destroy confidence," the
German economy minister added.
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