"EU to suspend budget deficit rules"/ Meloni: We must take measures to curb energy prices
European Union authorities should consider a temporary suspension of budget deficit rules if the US-Israeli war against Iran continues, Italian Prime Minister Giorgia Meloni told parliament.
According to her, the government was ready to take every possible measure to prevent speculative behavior on energy prices, including imposing taxes on windfall profits on energy companies.
"We believe that discussing a possible temporary suspension of the Stability and Growth Pact should not be taboo. Not a waiver for individual Member States, but a general measure," Meloni said.
Her comments come as the government prepares to lower GDP growth estimates for 2026 and beyond, making it harder for Italy to bring its deficit below the 3% of GDP threshold this year, as planned.
Between 2020 and 2023, the EU activated the so-called 'general escape clause' to suspend budget rules and allow member states to respond to the COVID-19 pandemic, which had caused lockdowns and economic downturns in EU countries and the closure of Europe's borders.
However, this clause could be invoked in the event of a severe economic downturn in the euro area or the EU as a whole, something that is not currently expected by leading forecasters.
Italy could also activate a national escape clause that allows member states to deviate from budget targets agreed with the EU in response to exceptional circumstances beyond their control. The government has so far ruled out that option as long as Rome is under the excessive deficit procedure.
Meloni and her predecessor Mario Draghi approved taxes on the energy sector in recent years, sparking legal disputes with the affected companies.
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