Italy's finance chief says budget talks with the EU will continue despite disagreements

The European Commission decided to ask Italy to change its 2019 budget plan and to submit the new version by November 13. However, back in Rome, government members have said they will not change their spending plans.

The European Commission will announce on November 21, an opinion on all of the euro zone's draft budgets. If there is no change in the budget plan, Brussels could eventually open an excessive deficit procedure (EDP) — a legal step that aims to help countries respecting European fiscal rules and putting their finances back on track.

Pierre Moscovici, commissioner for economic affairs, told CNBC Tuesday that rules can be interpreted in different ways, but Italy is currently going against them.

I am a tad confused. Italy can’t print its own money. Presumably, it can’t borrow money without the consent of the EU. How will Italy spend money it can’t make or print? Where is this money coming from?

Italy’s finance chief says budget talks with the EU will continue despite disagreements

I’m confused. If there are no disagreements, what’s to talk about?

My read on that is that Italy is yanking their chain. To continue to talk “despite disagreements” suggests that they will continue to talk with no interest in doing anything other than talking.

Thanks BenLurkin.

The European Commission decided to ask Italy to change its 2019 budget plan and to submit the new version by November 13. However, back in Rome, government members have said they will not change their spending plans.

Sounds familiar...

The 'World In 2019' Economist Magazine Cover Hints At The Arrival Of The 'End Game' -- ...back in 1988, The Economist put out a story in which the cover photo featured the mythical 'phoenix' rising out of the ashes of burning dollar bills and other paper/fiat money, wearing a gold medallion with the year '2018' on it with their title, "Get Ready For A World Currency". Reporting in their story that 30 years from then, Americans, Europeans, the Japanese and people from other 'rich countries' would probably be paying for their shopping with the same currency, what they called 'The Phoenix', their story argued that in 'The New World Economy' (yes, they use that exact phrase but NO, there is no such thing as a 'new world order'!) 'the phoenix zone' would impose tight constraints on national governments. There would be no such thing, for instance, as a national monetary policy.

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