Italy faces an infringement procedure over its 2023 deficit, Economy Minister Giancarlo Giorgetti told a joint hearing of the Senate and Lower House budget committee on Wednesday.
"Given that the suspension of the Stability and Growth Pact, which was introduced following the pandemic and extended due to the energy crisis, ended at the end of 2023, it is a foregone conclusion that the European Commission will recommend the Council open a procedure for excessive deficit against ourcountry, as well as against several other countries, based on the net deficit registered by Italy last year (7.2% of GDPaccording to initial Istat estimates)," Giorgetti told the hearing on the reform of the EU's economic governance.
He added that "for obvious reasons of sustainability, the level of Italy's public debt makes it necessary to give utmost contemplation to the resources allocated to individual public policies and the undeniable need to measure and monitor the actual benefits of each individual expenditure".
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