Italy’s draft 2020 budget may require some work, but no crisis seen – EU

By Jan Strupczewski WASHINGTON (Reuters) - The European Commission is checking if the increase in the structural deficit in Italy's draft 2020 budget can be justified under EU budget rules, but Brussels does not want to "create a crisis" over it, Economic Commissioner Pierre Moscovici said. Under EU rules, the executive European Commission has the job of checking every year if the main assumptions of draft budgets of euro zone countries do not break EU rules on deficit and debt that set limits on borrowing to underpin the euro. Rome sent its draft budget to Brussels this week, but the draft envisages that Italy's structural deficit, which under EU rules should fall 0.6% of GDP next year, will rise 0.1% of GDP.

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