(Bloomberg) -- Just months before the European Union reasserts its fiscal regime over the region, France and Italy are signaling defiant indifference.
Budgets for 2024 unveiled on Wednesday in the euro-zone’s second- and third-biggest economies show deficits noticeably exceeding the bloc’s 3%-of-output limit for years to come, even as a pandemic-era suspension of such rules ends on Jan. 1.
“Italy isn’t isolated anymore,” said Domenico Lombardi, an economist and head of the Policy Observatory for Rome’s LUISS University. “It’s likely that we will see the two countries increasingly moving in step on public-finance issues, not to mention other matters like migrants.” “It’s not always easy being finance minister in a country that loves public spending,” he told the the U2P conference of small business leaders in Paris on Thursday. “Everyone tells you they want to cut spending, except their own spending. All the opposition parties tell you they want to accelerate in cutting debt, but keep proposing new spending.”
Spain, which has the presidency of the EU, is expected to present a proposal for agreement at a meeting of finance ministers in mid-October.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kim Makes ‘Exponential’ Nuclear Growth Supreme Law to Defy USNorth Korea enshrined its policy of exponentially growing its nuclear forces into its constitution, in a show of defiance to US requests to return to stalled talks through which Pyongyang could secure economic aid in exchange for disarmament.
Read more »
Meloni Confronts Italian Budget Deficit as Wide as 4.5% in 2024Prime Minister Giorgia Meloni is paring back her ambitions to bring Italy’s deficit toward the European Union’s 3% limit next year, according to people familiar with the matter.
Read more »
Italy Targets Wider Budget Deficit in Challenge for MeloniItaly will manage to bring its budget deficit below the limit set by the European Union only in 2026, delaying an earlier objective and risking a confrontation with Brussels.
Read more »
Macron’s Budget to Test Taxpayer Tolerance for Climate SpendingFrench President Emmanuel Macron’s government will present a 2024 budget on Wednesday that tests voter appetite for pouring public money into the climate transition at the same time as withdrawing support for inflation-hit households.
Read more »
Macron Budget Tests Taxpayer Tolerance for Climate Spending(Bloomberg) -- The French government detailed spending plans for next year that will test voter appetite for pouring public money into the climate transition at the same time as withdrawing support for inflation-hit households.Most Read from BloombergChina Puts Evergrande’s Billionaire Founder Under Police ControlDimon Warns 7% Fed Rate Still Possible, Times of India SaysRepublican Moderates Turn to Rare Maneuver to Avoid Lengthy Government ShutdownIndians Have Five Days to Deposit $3 Billion in
Read more »