With a predicted budget deficit of 2.6%, Italy is close to breaching the eurozone's Stability Pact
Italy is slipping up on its budget deficit and other members of the European Union are beginning to take public notice. Italian economic minister, Guilio Tremonti, recently forecast his country's budget deficit this year could reach 2.6% of GDP. Almost everyone was under the impression Italy's deficit would be as little as 0.8%. Under the terms of the Stability Pact, signed by European countries before they enter the euro single currency agreement, no member country is allowed to run a budget deficit in excess of 3% of GDP. Moreover, all signatories promised to work toward achieving a b...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes