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Renzi: “We will respect the 3% rule, Europe cannot lecture us”

Renzi: “We will respect the 3% rule, Europe cannot lecture us”

Padoan: “We will maintain the commitments we undertook with the EU, but the macroeconomic environment got worse in the meantime.”

“We are among the few to stick to the 3% rule. Hence we do not expect to be lectured by the Union, we expect €300 bn investments #Junker” This is what Matteo Renzi tweeted this morning (typo included).

The same message was sent with different words by the Economy Minister, Pier Carlo Padoan, who – at the doorstep of the Eurogroup meeting in Milan – said “As the ECB has admitted in its bulletin, the macroeconomic frame has worsened in the latest six months, and there’s an obvious mechanic implication for national budgets. But we will maintain the commitments we undertook.”

In addition, “The 2.6% target was sustainable with a different macro environment, but I’d like to reiterate it: we will respect the rules,” Minister Padoan said. Asked whether the respect of the 2.6% rule would mean a corrective measure, Padoan said: “We are working at the stability law which, by definition, affects budgets; when we have the actual figures you’ll be the first to know it.”

Dealing with the growth pact with Germany “there is no opposition, only agreement” added Padoan. “The Growth Pact is a proposal made by everyone,” underlined the Minister, “it is already on the table. As I’ve already said, it concerns structural reforms, internal market and finance for growth.”