Rightist Italian premier Giorgia Meloni will avoid a fiscal row with Brussels, writes LJucca
NUSA DUA, INDONESIA - NOVEMBER 15: Prime Minister Giorgia Meloni of Italy attends a working session on food and energy security during the G20 Summit on November 15, 2022 in Nusa Dua, Indonesia. The G20 meetings are being held in Bali from November 15-16. Leon Neal/Pool via REUTERS
MILAN, Nov 21 - Rightist Italian premier Giorgia Meloni will avoid a fiscal row with Brussels. Her first ever draft budget, to be discussed on Monday, targets a deficit ofin 2023. This is above the traditional 3% EU deficit cap. But with EU fiscal rules suspended since the pandemic and at just 1 percentage point above what predecessor Mario Draghi had earmarked, Meloni’s budget plans don’t look too aggressive for the high-debt country.
The bulk of Italy’s extra borrowing will go to fight the energy crisis, which has cost Rome 75 billion euros this year. There is also a sprinkling of electoral gifts. These will likely include the extension of an existing 15% flat tax to self-employed workers earning up to 85,000 euros annually, an early retirement scheme that may affect
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