October 25, 2018 / 8:06 PM / 2 months ago

Italy's economy minister says budget plan not a threat to European partners

PARIS, Oct 25 (Reuters) - Italian Economy Minister Giovanni Tria on Thursday sought to reassure investors, telling them that Rome’s 2019 budget plan was not a threat to its European partners, but necessary to get the country back on the right track.

“What Italy intends to do is not a threat to the euro zone or to the stability of our European partners,” Tria told a gathering of insurers in Paris. “If Italy grows, Europe as a whole gains stability and can profit from it.”

The European Commission rejected Italy’s draft 2019 budget this week, saying it brazenly broke EU rules on public spending, and asked Rome to submit a new one within three weeks or face disciplinary action in a standoff that has sent investors fleeing Italian bonds.

French Economy Minister Bruno Le Maire said he hoped that the two sides would renew dialogue quickly. (Reporting by Yann Le Guernigou; Writing by John Irish; Editing by Alison Williams)

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