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Italy, France, Spain and Portugal make a proposal to the EU on budgeting methodology

Rome, May 4, 2017 – The Minister of the Economy and Finance Pier Carlo Padoan, together with the finance ministers of France, Spain and Portugal, has sent a letter to the European Commission stressing the need for budgetary policy to take into account low nominal growth, the uncertainties in estimating structural deficits, the effects of the crisis on the labour market and the risks protectionist attitudes pose to growth and employment in the short to medium term.

The letter was addressed to the Vice President of the Commission, Valdis Dombrovskis, and to the European Commissioner for Economic and Monetary Affairs, Pierre Moscovici. The ministers are confident that the Commission will take these factors into account when evaluating Member States' budgets and the upcoming country-specific recommendations.