EU\'s Oettinger says Italy\'s draft budget does not meet EU guidelines - Spiegel

EU's Oettinger says Italy's draft budget does not meet EU guidelines - Spiegel

Reuters  |  BERLIN 

(Reuters) - European Guenther said Italy's draft budget for 2019 was not in line with guidelines, according to German magazine Der

"It confirmed the suspicion that the Italian budget draft for 2019 is not in line with the obligations that exist in the EU," quoted as saying.

A letter from the European for Economic and Financial Affairs, Pierre Moscovici, to on the matter should arrive in on Thursday or Friday, reported on Wednesday.

The is yet to review the budget according to its own rules and is obliged by law to consult with the first, which is due to happen during Moscovici's visit to on Thursday and Friday.

The Commission can officially declare the Italian budget to be in significant deviation from the rules only after the consultation and then ask for it to be revised.

On Monday night, the coalition approved the 2019 budget bill that boosts welfare spending, cuts the retirement age and hikes deficit spending.

(Reporting by Riham Alkousaa; Editing by Maria Sheahan)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 17 2018. 19:28 IST