EC opens excessive deficit procedure against Italy

(ANSA) - ROME, JUN 19 - The European Commission said Wednesday that Italy was one of seven countries it was opening of a deficit-based excessive deficit procedure against.
    The others are Belgium, France, Hungary, Malta, Poland and Slovakia.
    Economy Minister Giancarlo Giorgetti had said the procedure was to be expected with return of the EU budget rules that had been suspended due to the COVID and Ukraine-war linked energy-price crises after Italy posted a deficit of 7.2% last year.
    The Commission said Italy's macroeconomic imbalances had eased and were no longer excessive.
    "Greece and Italy are now found to be experiencing imbalances after experiencing excessive imbalances until last year as vulnerabilities have declined but remain a concern. Fiscal sustainability risks will be surveyed under the reformed fiscal rules," the EU executive said.
    . (ANSA).