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Italian Parliament has adopted the revised budget for 2018

Italian parliament budget

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The Italian Parliament has adopted the revised budget for 2018, which includes targets criticized by the European Commission. The text was first approved in the Senate with 197 vs 165 votes and then adopted in the Chamber of Deputies by 331 vs 191 votes.

The draft budget was corrected last week and will be presented in Brussels on Monday. It now projects a deficit of 2.4% in 2019, compared to 0.8% in framework set by the previous center-left government. For 2020, the deficit is set at 2.1% and in 2021 at 1.8%.

“This vote sets the foundations for a change in Italian policy”, says the statement of the ruling coalition. “It ends the budget savings, which made the Italians poorer and employment more uncertain. It starts a phase of expansion with public and private investments that will revive growth”, adds the statement.

Earlier today, European Commissioner for Economic and Financial Affairs Pierre Moscovici criticized the draft budget as “inappropriate for the people”, while the Director of the International Monetary Fund, Christine Lagarde, said that Italy as a member of the Eurozone must comply with its rules on budgetary discipline.

“I do not accept the idea that we have a bureaucratic Commission on one side and the budget of the people on the other. A budget that significantly increases the debt is not helpful for the people”, said Pierre Moscovici.