Brussels calls on Italy to cut deficit by 2007

The European Commission on Wednesday (29 June) formally asked the Italian government to take measures to get back in line with eurozone rules.

Rome was called on to push its public spending deficit under the three percent of GDP ceiling by the end of 2007, and present a plan to Brussels by November on how it will achieve it.

According to the commission's data, Italy's deficit stood at 3.2 percent of GDP in the two preceding years, and it is projected to reach 3.6 percent this year...