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Pact elasticity set to benefit Italy

brussels bureau

Pact elasticity set to benefit Italy


Italian Economy Minister Domenico Siniscalco says he is confident that the European Commission will give Italy until 2007 to get its deficit back below 3 percent of GDP. Rome has been negotiating with Brussels in recent days, as its deficit exceeded the EU’s 3 percent ceiling in three of the last four years; It is projected to do so again in 2005 and 2006. The Commission is set to make a formal recommendation on the timescale this Wednesday. The case is being watched closely as a test of whether the Stability and Growth Pact — designed to underpin the euro — still has any teeth after EU governments made it more flexible in March.

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