Politics · Italy · 1 hr ago
Italy to define budget plan after EU decision on fiscal safeguard clause
Italy’s Finance Minister, Giancarlo Giorgetti, told lawmakers that the government will define its budget plan after an EU approval process is complete.
The process concerns Italy’s request to activate a national fiscal safeguard clause under the EU’s updated economic governance rules.
The EU Council still has to give formal approval.
Giorgetti said the government will provide details in a budget planning document that it will soon send to Parliament and EU authorities.
He described Italy’s economy as resilient, supported by domestic demand and a solid jobs market, despite uncertainty and less favourable financial conditions.
He said the government must balance keeping public finances on a sustainable path with targeted support for investment, businesses, workers and families.
The Parliamentary Budget Office approved the government’s economic forecasts, but said public debt may start falling in 2029, a year later than the government projects.
Italy will define the composition of its budget plan after the EU procedure on activating the national fiscal safeguard clause is completed.
Economy Minister Giancarlo Giorgetti said the procedure is still awaiting formal approval by the Council.
The government will provide further details in a budgetary planning document that it will send to Parliament and EU authorities soon.
Giorgetti said Italy must balance efforts to consolidate public finances with targeted support for investment, competitiveness, households, workers and businesses.
- Who
- Italy’s government, represented by Economy Minister Giancarlo Giorgetti.
- What
- The government will define the budget plan after the EU procedure on the national fiscal safeguard clause is completed.
- When
- Giorgetti made the statement on 12 October 2026.
- Where
- At a hearing before the budget committees of Italy’s Chamber of Deputies and Senate.
- Why
- The EU procedure is not complete because formal approval by the Council is still pending.
This story does not have two clearly opposing sides.
The composition of the budget plan will therefore be defined in light of the completion of the European procedure.
The European procedure for approving the request to activate the national safeguard clause is not yet concluded, as formal approval by the Council is still awaited.
The challenge remains to reconcile two essential needs: on the one hand, continuing the path of consolidating public accounts to preserve market confidence; on the other, using the available room to support, through targeted measures, investment, competitiveness and the concrete needs of families, workers and businesses.
Giorgetti told a parliamentary hearing that the EU procedure was still awaiting formal Council approval.
The government will define the composition of the budget plan.
The government is expected to send its budgetary planning document to Parliament and EU authorities.
- Minister
- Giancarlo Giorgetti
- Pending approval
- Formal approval by the EU Council
- Next document
- Documento programmatico di bilancio (Dpb)
- Hearing venue
- Budget committees of the Chamber of Deputies and Senate
Sources
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