Economics Commisioner Joaquim Almunia is reportedly rolling his sleeves up. He is apparently preparing to use Italy’s continuing excess deficit as a test case, to show the way the new SGP will be applied. Forgive me if I am a little skeptical, but then again a French no on Sunday may leave him with little alternative.
“Revisions to Italian data by Eurostat, the European Commission’s statistical agency, showed the country breaching the 3 per cent limit on budget deficits (in 2003 and 2004 Edward). The changes will be used by Joaquin Almunia, EU monetary affairs commissioner, to underpin a recommendation that action be taken against Italy under the stability and pact“.
Feed: A Fistful of Euros