In a move expected to raise tensions with Italy, the European commission paved the way for an initial fine of as much as €3.5bn (£3.1bn) on Wednesday after advising the country had met the threshold for disciplinary action.
The commission found the Italian government had failed to make sufficient progress in the past year to reduce its debt, the servicing of which amounted to more than the annual education budget.
The commission’s report said Italy was not expected to meet its debt reduction targets in 2019 or 2020, and an excessive deficit procedure – under which Italy could be forced to hand over 0.2% of its GDP as a deposit to guarantee remedial action – was warranted...read more>>>....
