Confirming earlier reports about the European Commission not looking to open disciplinary action against Italy, the Commission’s spokesperson, per Reuters, recently said that they will propose to EU countries not to open infringement proceedings against Italy over its debt. Below are some key takeaways.
“Willing to examine all information from Italy over its growing debt before making a final decision, will pursue dialogue with Italy.”
“Assurances on 2020 draft budget required.”
“Thanks to significant efforts, Italy on the whole respecting pact in terms of structural efforts.”
“Important Italy respects commitment to prepare a 2020 budget in line with the EU fiscal rules and thus avoiding further uncertainty.”
“Will carefully monitor implementation of these measures in the second half of the year.”
“Stand ready to ensure that 2020 draft budget to be presented this autumn will be compliant with the pact.”
“Will explain conclusion to euro group ministers next week on Italy.”
Following these remarks, the EUR/USD continues to trade in the upper half of its daily range, adding 0.08% at 1.2992 at the moment.
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