Italy shares ECB worries on deficit, working to avoid overshoot - minister
ROME, Sept 12
ROME, Sept 12 (Reuters) - Italy's government shares the concerns of the European Central Bank about the country's budget deficit trend and is working to prevent the deficit overshooting the EU's ceiling of 3 percent of output, Welfare Minister Enrico Giovannini said on Thursday.
Italy's fiscal gap at the end of August was almost twice as high as in the same period of 2012, and in its monthly bulletin on Thursday the ECB warned of "increasing risks" that Italy will miss its 2013 target of a deficit-to-GDP ratio of 2.9 percent.
"The risks are very clear to the government," Giovannini told reporters in Rome. "It's a concern that the ECB shares with the government and the country, and that is why safeguards have been introduced on 2013 and there is close monitoring by the Treasury."
Giovannini also said that data on Thursday showing an unexpected drop in industrial output for July did not change the government's expectation that Italy's long recession would bottom out in the third or the fourth quarter.
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