Exceeding the deficit limit of 3% of GDP would be a mistake both from the point of view of European budgetary rules and from an economic point of view. Treasury Minister Pier Carlo Padoan underlined this today during the press conference at the end of Ecofin.
"Thinking that breaching the 3% ceiling could produce more growth - said Padoan - is profoundly wrong", because it would entail for a country like Italy "a burden that we absolutely cannot afford: there would be effects on growth, which would upon us immediately, and there would be a negative reaction from the financial markets”.
