The EU Commission rejected Italy's budget proposal on Wednesday over mounting concerns about the country's level of debt, paving way for possible sanctions against the country.
Italy did not make sufficient changes to its proposed budget, which would continue to increase the country's debt.
"Our analysis suggests that the debt rule must be considered to have not been respected," the commission said in a report on Italy's debt, according to Ansa, an Italian news agency.
"We conclude that the opening of a procedure for excessive deficit based on the debt is therefore justified."
Deputy Prime Minister Matteo Salvini, who was negotiating with Brussels this week, stood by his budget, saying the government's fiscal targets were valid and he would not negotiate on them.
Speaking after Brussels rejected the budget he said: "We are convinced about the numbers in our budget. We will talk about it in a year's time."
He also said any EU sanctions against Rome would be "disrespectful" towards Italians.
Italy's Prime Minister Giuseppe Conte's budget would allow Italy's deficit to increase to 2.4 per cent of GDP next year.
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Read more:
Italy says it won’t change budget plans as Euro partners fret
Euro slides after Italy resubmits budget draft to EC
Italy doesn’t budge in clash with EU over budget deficit
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The ruling 5-Star Movement's plan did not listen to the EU Commission's call to reduce the debt, arguing that the deficit was needed to fund key pledges and revive growth.
EU rules say budget deficits should be below 3 per cent of GDP and public debt below 60 per cent of GDP.
Italy's debt is more than 130 per cent of GDP, but the country's leaders argue boosting growth is the best way to reduce this.
The European Union has the power to fine Italy through a process called excessive debt procedure.
Many countries have undergone excessive deficit procedures before, including France, Spain and Portugal, but received symbolic "zero" sanctions.
Specs
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Torque: 985Nm
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Off-roading in the UAE: How to checklist
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The specs
AT4 Ultimate, as tested
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The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
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Rating: 3.5/5
