EU may suspend deficit rules if Iran war continues, Italian Minister warns
European Union authorities could temporarily relax rules requiring member states to keep budget deficits below 3% of GDP if the Middle East conflict persists, Italy’s EU Affairs Minister Tommaso Foti said on Wednesday.
Foti explained that the EU Council might act in response to prolonged crises, particularly as European countries face rising energy costs. Italy has pledged to reduce its fiscal deficit below 3% this year, but soaring gas prices — up more than 70% since the U.S.-Israeli conflict on Iran began — are adding pressure.
The Italian government is considering extending its temporary excise duty cuts on fuels, which currently cost the state around €417 million. Officials are evaluating a possible extension until April 30, at an estimated cost of €500-600 million. Foti indicated the cabinet would discuss the measure soon.
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