- ANSA is reporting that the Italian cabinet has approved budget framework.
- The longe term growth outlook for Italy’s economy is still concerning.
“After several months of fighting with Brussels, which called the proposal an “unprecedented” breach of its budgetary rules, Rome eventually agreed to taper its spending plans,” – the Financial Times reported, “Italy’s new finance minister has said he will pursue a “wise middle ground” between exceeding budget constraints agreed with the European Commission and increasing government spending to stimulate the country’s stagnant economy.”
Meanwhile, the longe term growth outlook for Italy’s economy is still concerning. “In the near term, we expect the economic stagnation to continue and forecast growth to be 0.0% y/y in 2019 and 0.1% y/y in 2020,” analysts at Rabobank argued.
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EUR/USD rebounds modestly from tow-year lows, hovers around 1.0900
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