Finance Minister comments on Italian budget

“We have a very clear set of rules in the European economic governance”, stressed Cyprus Minister of Finance Harris Georgiades, called by CNA to comment on the deviation of the Italian budget from its structural fiscal target – an issue not on the Eurogroup agenda, but very persistant on the sidelines of today`s meeting in Luxemburg.

“We have a very clear set of rules in the European economic governance,” he pointed out.

The Minister before entering the meeting stated that “there are clear rules in the European economic governance which every member state has an obligation to respect”, noting that “compliance with the rules is crucial because the stability of the eurozone depends on that”.

“Having said that, I would however not like to comment in advance on the financial planning of any particular state,” he added.

Concerning the new ESM rules and the change in terms for the so-called precautionary support programs, the Minister stressed that “what worries me is that we continue to discuss an issue and shift the decision-making from one Eurogroup to the next Eurogroup.” “I think it is imperative to finalize the decisions” stressed the Minister.

CNA

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