Tajani: "Budget deviation of around 7 billion, no increase in ECB rates"
The deputy prime minister at the 'City of the future' event: flexibility for defense and energy. Fitch corrects positively
Quick Look
- Deputy Prime Minister Antonio Tajani announced that the Council of Ministers will decide the budget gap, estimated at around 7 billion for the current year, taking advantage of the flexibility for defense and energy.
- He also hoped that the ECB would not increase rates.
AI-generated summary
Why It Matters
The Italian government discusses the financial maneuver and the margins of budget flexibility with the European Union.
"I would say that already today at the Council of Ministers we will decide on the budget gap and as is known, having obtained the possibility of greater flexibility in defense and energy expenditure, we will be able to say today that there will be a gap. I believe we will be around 7 billion for this year". Deputy Prime Minister and Foreign Minister Antonio Tajani said this at the 'Cities of the Future 2030-2050' event, speaking about the measure.
"We should present a series of proposals to Brussels and, once approved, we can be operational," he added.
"I hope that in Frankfurt they put their hand on their conscience and realize that the inflation that exists today is an exogenous inflation, not an endogenous one. Increasing the cost of money would only make the situation worse, precisely because it is not an inflation caused by us. So I hope that there is no increase in rates", Tajani then said at the 'Cities of the Future 2030-2050' event. "Although, I repeat, in Italy things are better than elsewhere and even the rating agencies are correcting. Fitch has positively corrected the prospects for our country".
What to Watch
AI outlook — possibilities, not facts
Decision on the budget deviation in the Council of Ministers
Very likely · Within hours
Open Questions
- What specific measures will be financed with the deviation?
- What will be the ECB's final decision on rates?
