Meloni, Macron Defy EU With Budget-Busting Spending Sprees

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Meloni, Macron Defy EU With Budget-Busting Spending Sprees
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(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.

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