italys former pm renzi says scrapping eu fiscal compact only way to grow
Monday 14 July 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Italy's former PM Renzi says scrapping EU Fiscal Compact "only way to grow"

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleItaly's former PM Renzi says scrapping EU Fiscal Compact "only way to grow"

Italy's former prime minister Matteo Renzi
Rome - Muslimchronicle

Italy's former prime minister Matteo Renzi said Wednesday the only way for Italy to grow would be to scrap the current European Union (EU) deficit rules for at least five years.

In televised remarks at the presentation of his ninth book, titled Avanti (Forward), the leader of the ruling center-left Democratic Party said his proposed return to a 2.9-percent deficit to gross domestic product (GDP) ratio was "the only way to boost growth and create jobs."

Renzi, who led a reformist government from 2014 to 2016, first outlined this position in a July 9 article in the business and financial newspaper Il Sole 24 Ore.

In the article, Renzi called the 2012 EU Fiscal Compact "reckless" and said it made the Maastricht rules look like a "progressive manifesto."

"We think Italy should veto the introduction of the Fiscal Compact," Renzi wrote.

Signed in 1992, the Maastricht Treaty defines two criteria for budget discipline: the deficit-to-GDP ratio of no more than 3.0 percent, and a debt-to-GDP ratio of no more than 60 percent.

The so-called "Fiscal Compact" was signed in March 2012 and imposes penalties on countries that fail to keep their budget deficits below 3.0 percent of GDP.

Renzi also called for "a return to the Maastricht criteria for at least five years." This would free up "at least 30 billion euros (34.22 billion U.S. dollars) over the next five years" for Italian coffers, and this money should go "entirely and solely to tax reduction," Renzi wrote.

This redefinition of Italy's economic relationship with the EU forms the basis of the Democratic Party campaign platform ahead of the next general election in early 2018, according to the party's website.

Renzi also said he wanted to "get as many people as possible involved" in his Democratic Party, which he said was the only viable alternative to what he called Italy's "two populisms" -- represented by the euro-skeptic Five Star Movement and the right-wing, anti-immigrant Northern League party.

The 25-year-old Maastricht Treaty established the EU as we know it, including the single currency (the euro), the common market, European citizenship, and EU institutions -- its parliament, council, commission, courts, and central bank.

The Fiscal Compact was a treaty signed by 25 EU member states. Britain and the Czech Republic did not sign.

source: Xinhua

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

italys former pm renzi says scrapping eu fiscal compact only way to grow italys former pm renzi says scrapping eu fiscal compact only way to grow

 



Themuslimchronicle, themuslimchronicle

GMT 17:32 2017 Thursday ,30 November

Bahrain weather forecast

GMT 10:15 2017 Sunday ,17 December

Several injured in attack at Church in SW Pakistan

GMT 10:36 2017 Monday ,27 November

Artist donates faeces to gut-busting research

GMT 11:06 2017 Wednesday ,29 March

Top-seed Wawrinka ousted at Miami Open

GMT 07:45 2017 Thursday ,23 November

Lebanon's Hariri tells supporters 'I'm staying with you'

GMT 08:28 2015 Monday ,20 April

Ahly dues' crisis to be resolved soon

GMT 14:56 2017 Monday ,02 October

King Salman to lead high-level delegation to Russia

GMT 12:37 2017 Monday ,13 November

U.S Congress expresses support for Peshmerga

GMT 23:16 2017 Thursday ,21 December

EU seeks 'urgent' response

GMT 09:30 2017 Thursday ,14 September

Cassini readies final plunge into Saturn

GMT 09:41 2017 Friday ,17 November

Bombardier wins up to $2.2 bn CSeries orders

GMT 11:38 2017 Monday ,25 September

Siemens and Alstom on brink of rail merger: report

GMT 21:51 2017 Monday ,04 December

Rise and fall of Yemen’s Ali Abdullah Saleh

GMT 17:15 2017 Sunday ,19 March

Wydad's coach express his confidence

GMT 03:02 2016 Wednesday ,21 December

Arab Parliament Speaker slams Iranian statements

GMT 11:25 2017 Friday ,14 July

Five Egypt police shot dead
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle