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rdf:type	schema:NewsArticle
schema:articleBody	The European Commission told Italy on Saturday that increased spending linked to the coronavirus outbreak will not be included in calculating its deficit, in a letter made public on Twitter. Valdis Dombrovskis, vice-president of the European Commission and Paolo Gentiloni, the economy commissioner, pointed out the commission's "flexibility" in the letter to Italian finance minster Roberto Gualtieri. Brussels and Rome have wrangled repeatedly over Italy's fiscal policies, but the country now faces exceptional circumstances owing to an outbreak of the coronavirus. "Any one-off budgetary spending, incurred in relation to the response to the outbreak, would be excluded by definition from the computation of the structural balance and not taken into account when assessing compliance with the required fiscal effort under the existing rules," they wrote. "We would like to stress that our fiscal rules framework provides for flexibility to cater for 'unusual events outside the control of government', while being mindful to the preservation of fiscal sustainability." The letter went on to say that "the commission will be mindful of member states' need to implement urgent measures to safeguard the well-being of citizens and mitigate the negative effects on econonomic growth of the coronavirus outbreak". Italy is the worst hit European nation with 4,636 cases of coronavirus and 197 deaths, according to figures compiled by AFP at 11:30 am on Saturday. On Thursday, Italy announced a 7.5 billion euro ($8.46 billion) package to deal with COVID-19 that is likely to result in a deviation of 6.35 billion euros from its budget deficit target. The commission said it noted the change, which would see the Italian deficit target being revised upwards from 2.2 percent to 2.5 percent of gross domestic product. During its announcement, the Italian government stressed that it was committed to resuming its efforts to reduce the deficit to 1.8 percent of GDP in 2021 and 1.4 percent in 2022, against 1.6 percent in 2019. Under the EU's Growth and Stability Pact, members are bound to maintain public deficit of no more than 3.0 percent of GDP. mla/bsp/wai
schema:headline	Brussels reassures Italy over coronavirus support plan
schema:mentions	Fiscal sustainability Paolo Gentiloni European Commission Deficit spending Agence France-Presse Rome Psychological stress Brussels Member of the Legislative Assembly Gross domestic product Italy European Union Twitter Coronavirus Severe acute respiratory syndrome coronavirus 2 Wrangled Roberto Gualtieri Ripon Cathedral Valdis Dombrovskis
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-03-07 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	70 (xsd:integer)

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