European Council approves Italy deficit procedure

(ANSA) - ROME, JUL 26 - The European Council said Friday that it has followed the European Commission's recommendation for it to launch an infringement procedure against Italy and six other countries, Belgium, France, Hungary, Malta, Poland and Slovakia, for having excessive budget deficits.
    Italy had a deficit-to-GDP ratio of 7.4% last year.
    The EU's budget rules, which have come back into force after being suspended during the COVID pandemic and the energy crisis sparked by the Russian invasion of Ukraine, say deficits should not exceed 3% of GDP.
    The procedure requires the countries with excessive deficits to present plans to correct their public finances and they face penalties if they fail to do so. (ANSA).