ROME, March 28 Italy will be able to emerge from
European Union excessive deficit procedures and will ensure its
budget deficits remain within EU limits despite a worsening
recession, Economy Minister Vittorio Grilli said on Thursday.
Italy last week sharply lifted its fiscal deficit targets
for this year and next, due to the recession and planned
measures to inject liquidity into the economy.
It now sees the deficit at 2.9 percent of gross domestic
product in 2013, just under the EU's 3 percent ceiling but
Grilli said that it would remain within the limit.
"The government maintains that even with this worsening
Italy can exit the [excessive deficit] procedure," Grilli told a
parliamentary hearing, adding that spending would be monitored
to ensure the deficit would not exceed 3 percent of GDP.