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What the EU Looks for in the Budgets of Italy and Others
For nations of the European Union’s single currency area, the annual budget process isn’t over when a budget is drawn up. The European Commission also gets a say. In Italy’s case, the response from Brussels took less than three days. In a letter to the Italian government, the EU leadership said the draft included an unprecedented "deviation," and it demanded an explanation. With no evidence that Italy is willing to reconsider its plans to spend big, signs point to an escalating standoff. 1. Why does the EU have a say on a member nation’s budget? EU countries have to follow a set of fiscal rules spelled ... (full story)