Italy will put new European
Union guidelines on budget flexibility "to the best possible
use", Economy Minister Pier Carlo Padoan said Monday on his way
in to a Eurogroup meeting of finance ministers in the Belgian
capital.
"We are assessing our options and...will exploit (the new
rules) to the best of our ability," the minister told reporters.
New guidelines from the European Commission issued
mid-month will allow countries with deficits under 3% of GDP
and those making significant reforms some additional flexibility
in deducting certain spending from their deficits.
The new rules are expected will allow Italy to take
advantage of the investment clause with the EC's stability pact.
Under the investment clause, countries can deviate from
their medium-term budget objectives during tough times if they
are spending on investments aimed at growth.
The Commission said the rules have not changed but the new
interpretation will make it easier for Italy and others to spend
on infrastructure outside strict deficit and debt controls
contained in the EU Stability and Growth Pact.
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