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Italy says its 2020 budget is not a significant deviation from EU fiscal rules

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Italy says its 2020 budget is not a significant deviation from EU fiscal rules
FILE PHOTO: Italian Finance Minister Roberto Gualtieri looks on during his swearing-in ceremony at Quirinale Presidential Palace in Rome, Italy September 5, 2019. REUTERS/Ciro de Luca/File Photo   -   Copyright  Ciro De Luca(Reuters)
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ROME (Reuters) – Italy’s 2020 draft budget does not imply a significant deviation from EU rules, the government said in a letter sent to the European Union Commission on Thursday.

Italy’s fiscal plan assumes a rise in the structural deficit, the measure excluding business cycle swings and one-off expenditure and revenue, of 0.1% of GDP. Under EU rules this deficit should fall 0.6% of GDP.

“The projected change in the structural balance in 2020 would not constitute a significant deviation”, Economy Minister Roberto Gualtieri said in response to EU letter asking for clarification over its budget for next year.

(Reporting by Giuseppe Fonte, editing by Jon Boyle)

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