Brussels, 9 Nov. (LaPresse) – EU finance ministers at the Ecofin Council in Brussels have given the go-ahead for the activation of the national safeguard clause for Italy, with the aim of granting an exemption from spending limits in both the defence and energy sectors. The flexibility clause is valid for four years and allows Member States to temporarily deviate from agreed net expenditure paths, up to a maximum of 1.5 per cent of GDP, in order to support increased defence spending. During the period in which the clause is in force, Member States must nevertheless ensure compliance with the commitments set out in the reformed European economic governance framework. As regards the extension to energy, expenditure must not exceed 0.3 per cent of annual GDP, and cumulative expenditure by the end of 2028 must remain within 0.6 per cent of GDP.
EU: Ecofin gives the green light to energy and defence flexibility for Italy
Brussels, 9 Nov. (LaPresse) – EU finance ministers at the Ecofin Council in Brussels have given the go-ahead for the activation of the national safeguard clause for Italy, with the aim of granting an exemption from spending limits in both the defence and energy sectors. The flexibility clause is valid for four years and allows Member States to temporarily deviate from agreed net expenditure paths, up to a maximum of 1.5 per cent of GDP, in order to support increased defence spending. During the period in which the clause is in force, Member States must nevertheless ensure compliance with the commitments set out in the reformed European economic governance framework. As regards the extension to energy, expenditure must not exceed 0.3 per cent of annual GDP, and cumulative expenditure by the end of 2028 must remain within 0.6 per cent of GDP.