Pierre Moscovici: Mahnung an Italien

EU budget dispute with Italy: Pierre Moscovici faces criminal proceedings

In the dispute with the European Commission over the Italian national debt shows the government in Rome so far rather stubborn, Now European Commissioner for Finance Pierre Moscovici has called on the country to propose financial recovery measures as soon as possible. "The ball is now clearly in the Italian field," said Moscovici in Brussels. The Commission wants to see a strong plan for 2019 and 2020.

The EU Commission had in the previous week recommended a criminal case because of too high a deficit against Italy and on Tuesday get the backing of the EU states. The background to this is the rise in Italian government debt to 132 percent of economic output (2.3 trillion euros). For next year even 135 percent are feared. Only 60 percent are allowed in the Eurozone.

Moscovici announced further talks with the Italian government, but also said that the Commission would push ahead with the necessary procedural steps. The rules of the Stability and Growth Pact would continue to be flexible. "But no one should doubt that we will apply these rules if the criteria are not met," Moscovici said.

Salvini wants to get assets in lockers

prime minister Giuseppe Conte wants this Wednesday with the coalition parties Lega and five-star budget exercise for the 2020 budget.

So far, the populist government has been confronting Brussels. She wants to accomplish the feat of avoiding EU criminal proceedings and nevertheless to realize expensive election promises, Deputy Prime Minister Matteo Salvini hinted at an idea of ​​how the government could stuff budget holes: with a tax on cash stored in lockers and valuables.

Italian newspapers quoted Salvini as saying assets in the vaults would be worth hundreds of billions of euros. "Money that is essentially hidden" is quoted by the leader of the right-wing Lega. He indicated that in this way income and assets are hidden from the tax authorities. Those who voluntarily declare their custody accounts could get away with a low tax rate of 15 percent, said Salvini.

German companies see great risks in Italy

A survey by the German-Italian Chamber of Commerce (AHK) shows, however, that German companies are increasingly concerned about the Economic climate in Italy to care. More than half of the surveyed companies (59 percent) see the medium-term economic development in the country pessimistic. One year ago, only three percent of the companies surveyed expected a negative economic environment.

Despite the pessimistic overall outlook, German companies expect a positive development of their own business in Italy over the next twelve months (51 percent). Most companies see economic policy as the biggest risk to their own development (almost 80 percent). At the same time, many of them said they would invest less in the coming months.

Italy is the third largest economy in the Eurozone and one of the most important industrial countries in the world. Large German companies such as Siemens, Bosch, BASF or Fresenius have their headquarters in Italy. Germany is one of the country's most important trading partners.

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