EU And Italy Reach Deal On Disputed 2019 Budget: Commissioner
Fakhir Rizvi Published December 19, 2018 | 07:19 PM
The EU and Italy's populist government on Wednesday called a truce in their bitter row over Rome's disputed 2019 budget, as Brussels said revised spending plans fell within bloc rules.
In a historic first, the European Commission in October rejected Italy's original big-spending budget, which promised a universal basic income and a pension increase for low-wage earners.
"Intensive negotiations over the last few weeks have resulted in a solution for 2019," said EU Commission Vice President Valdis Dombrovskis at a news conference in Brussels.
"The solution is not ideal but it avoids opening excessive deficit procedure at this stage," he added, referring to a process that can result in major fines for a member country.
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