Italy's deficit risks EU exit says Central Bank

The Italian Central Bank has warned that Italy's rising budget deficit exceeds the permissible limit and threatens the country's exit from the European Union's excessive deficit procedure. The government expects the deficit to continue increasing to around 3.4% by 2027, despite recently committing to a 3% cap for 2026, taking advantage of European flexibility that allows for increased defense spending and a reduction in the impact of rising energy costs. For Italy to exit the procedure, sustained fiscal discipline and proof of the country's ability to permanently reduce the deficit are required, as projections of a decline to below 3% alone are not sufficient to achieve this.

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