EU shoots down Italy's budget plans, again

The EU Commission's new rejection of the Italian budget is the first step in disciplinary procedures that could lead to hefty fines. In its report, the Commission said Italy has "seriously violated" EU budget rules.

The EU Commission has again rejected Italy's proposed budget on Wednesday, paving the way for financial sanctions to be applied in the next few months.

The Commission confirmed its assessment that "Italy's draft budget plan is in particularly serious non-compliance" with EU debt rules, Commission Vice President Valdis Dombrovskis said in Brussels.

Dombrovskis said with the Italian government's current plan "we see a risk of the country sleepwalking into instability."

"We conclude that the opening of a debt-based excessive deficit procedure is warranted," he added, referring to the EU's disciplinary process against member states for over-spending.

The Commission's step is required for countries whose debt levels are above the Eurozone threshold and who are not doing enough to reduce borrowing.

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