BRUSSELS - Italy should present a credible fiscal path for this year and next if it still wants to avoid European Union disciplinary action over its rising public debt, European Economics Commissioner Pierre Moscovici said on Wednesday.
The European Commission said last week that Italy’s growing public debt broke EU rules, opening the way for a possible disciplinary procedure and a clash with Rome’s anti-austerity government.
“No one should be in doubt that we will apply those rules if the criteria are not fulfilled,” Moscovici told a news conference.
“So now clearly the ball is in Italy’s court. We need to see a credible path for 2019 as well as 2020. We stand ready to take into account any new elements that Italy may put forward, but let’s not waste time,” he said.
European Commissioner for Economic and Financial Affairs Pierre Moscovici presents the EU executive's economic forecasts during a news conference at the EU Commission headquarters in Brussels, Belgium.