

	Home
	News Updates
	Policy Release
	Statistics
	E-Government
	Your Comment
	Search online
	Contact us


Search:

Contact Editor


Add:No.2 Dong
Chang'an
Avenue,Beijing
China (100731)
Tel:8610-65198622
Fax:8610-65198902

Current Location: Homepage > News Updates > Text

EU grills Italy over budget policy

2007-07-23 09:07

From:Xinhua Original:News

(ANSA) - Brussels, July 10 - Italian Economy Minister Tommaso Padoa-Schioppa was taken to task on Tuesday when he met here with his European Union counterparts who voiced their concerns over Italy's budget policy.

Speaking to the press on the sidelines of a meeting of the Economic and Finance Council, Padoa-Schioppa said his partners had expressed both "concern and understanding" regarding Italy's financial situation with the greatest concern regarding covering the costs of Italy's next budget.

The minister explained that at present the budget was only in a draft form and thus did not contain all the measures which will be used to pay for the budget.

Italy's EU partners appreciated the efforts Italy has made to correct its budget deficit, but are concerned that these efforts may be relaxed, Padoa-Schioppa said.

The minister added that he shared many of the same concerns but that the government intended to do anything necessary to keep spending under control.

"While it is true that Italy is not a star pupil, it is also true that the Stability and Growth Pact is not a one-size-fits-all regulation. Number are not everything," Padoa-Schioppa said.

The Italian minister also had talks with the European commissioner for economic and monetary affairs, Joaquin Almunia, who later said the deficit-reducing measures in Italy's draft budget were "not at the same level as their objectives".

This made Italy's goal of a balanced budget by 2010 "difficult but not impossible," he added.

On a more positive note, Almunia said the EU "appreciates the efforts and transparency Italy has shown to consolidate public finances".

Portuguese Economy Minister Fernando Teixeira, who chaired Tuesday's council meeting, recalled that Padoa-Schioppa had already warned his colleagues last April that Italy would have problems balancing its budget by 2010.

In other developments, Padoa-Schioppa was appointed to be the next director of the International Monetary Fund's Monetary and Financial Committee.

Padoa-Schioppa replaces former British Chancellor of the Exchequer Gordon Brown, who stepped down when he became prime minister last month.

【Big Medium-sized Small】【Print】【Transmit】【E-mail】

All articles marked with "Article type: Original" posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with a clear indication of "Source: Ministry of Commerce Website".

All articles posted on this website or its sub-sites marked with "Article type: reproduced" or "Article type: translated" and "Article type: redistributed" come from other media, and are provided solely for the user's information, which does not mean this Website or its sub-sites endorse the ideas thereof or assume any legal liability or responsibility for their authenticity. Any other media, websites or individuals must maintain the source of information indication on this Website or its sub-sites when using the information, and shall assume legal liability for the use.

Release Comment：

Pen Name:

View Comment


	Add:No.2 Dong Chang'an Avenue,Beijing China (100731) Tel: 86-10-87519094 Fax: 86-10-87519093 Approved by:MINISTRY OF COMMERCE, PRC Supported by:CIECC E-mail: MOFCOM Mailbox