EU’s Moscovici: Returning to 3% budget deficit would be a big step back for Italy

In an interview with El Pais newspaper on Thursday, the European Commissioner for Economic and Financial Affairs Pierre Moscovici commented on the increased Italian government spending, with the key quotes found below.

“Obviously, returning to 3 percent would be a big step back.” 

“It is in (Italy’s) interest to reduce its public debt.” 

Under EU rules, no country should have a budget deficit greater than 3 percent of GDP product or debt above 60 percent of GDP.    

“(Spain) may be having trouble drawing up a budget, but it has a pro-European government that sticks to the rules and is reducing its deficit.” 

“I hope the Spanish political forces understand that it’s in the national interest to have a budget.”