Italy played a decisive role in
reaching agreement on the European Stability and Growth Pact,
the new fiscal rules replacing the old pact suspended in 2020
during the Covid-19 pandemic, European Commissioner for the
Economy Paolo Gentiloni said on Wednesday.
"Italy contributed significantly, I would say decisively,
especially in the very last phase, together with France and
Germany, to reach this agreement," said Gentiloni.
"I think some aspects (of the Pact) are very important for
Italy," he added.
These concern "the deficit correction path, which takes into
account higher interest rate costs, the recognition of the
importance of investments in the NRRP to achieve a longer period
of adjustment and the recognition of the importance of defence
spending," continued Gentiloni.
The Italian commissioner also said the agreement is "good news"
for the European economy, but that "the journey is not over
yet".
"In January we will have to move on to the next stage, that of
the trialogues (informal discussions between the European
Parliament, Council and Commission to finalise the text, ed.),
and I am confident that the same spirit of constructiveness and
compromise that led us to today's successful outcome will guide
us to a successful conclusion of the final stages," he said.
If all goes to plan the new Stability Pact will enter into force
in spring 2024.
"There is no time to lose," EU Commission Vice-President Valdis
Dombrovskis told reporters after the ECOFIN meeting.
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