The Eurogroup, which resumed yesterday, takes note of the negative opinions on the Italian economic maneuver and does not, however, make any reference to excessive debt. Finance ministers recommended Italy to introduce the necessary measures to respect the Stability Pact and were satisfied with the ongoing dialogue between Rome and Brussels. Satisfaction also expressed by the Vice President of the European Commission Valdis Dombrovskis.
Pierre Moscovici explained, however, that "there is still a significant gap between the assessment of Italy and the demands of the Stability Pact". For this reason, Brussels will continue to "prepare decisions" on the excessive debt procedure. Corriere della Sera, according to an EU member, explains that there is a great desire on the Italian side to avoid an infringement procedure, also aware that this will involve a structural effort and therefore a deficit of less than 2,2%.
Retirement victims and citizenship income, according to another member of the community, could be sacrificial victims.
The Italian premier Giuseppe Conte, however, pointed out last night, "I'm not working on a deficit under 2% of GDP".
Another thing that could benefit Italy, in a certain sense, is the French question with the "yellow vests". The protest, as we have seen, has taken on tones that are no longer acceptable, so much so that Macron may be forced to ask to exceed the French deficit, over 3 percent. A consequence that could incite other European citizens to raise the level of protest, including Italy. However, if the French request were to be made in the Commission, it could be an excellent assist to better digest the Italian need for a deficit of 2,4 per cent.
Next appointment in Brussels 19 December, unless postponed to 2019 with the next Ecofin meeting to be held on 22 January.