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(Bloomberg) — Italy is negotiating with the European Union to find ways of obtaining leniency on energy-related budget spending, Finance Minister Giancarlo Giorgetti said.
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“There is an awareness that the situation is exceptional, beyond that there are various possibilities and we are exploring them all,” Giorgetti told reporters on the sidelines of a meeting of Group of Seven Finance Ministers in Paris. “Negotiations are continuing and there are other ways to reach the result which we are exploring.”
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Italian Prime Minister Giorgia Meloni earlier this week asked the European Commission to extend greater latitude within eu budget rules to measures aimed at tackling rising energy costs. The government is seeking to include such investments in the so-called national safeguard clause, according to a letter Meloni sent to European Commission President Ursula von der Leyen and seen by Bloomberg.
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The provision, which is typically used for defense spending, allows EU member states to temporarily deviate from the bloc’s budget rules under exceptional circumstances.
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Giorgetti said Italy is willing to discuss various alternatives as well with EU authorities. “We are doing so serenely but also with the awareness that it is right to intervene.”
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Governments across the bloc have taken action to minimize the impact of rising prices on citizens and business. Meloni has often highlighted that not all EU countries have the same fiscal headroom to cushion the blow of higher energy prices.
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Italy’s government is seeking fresh resources to finance the extension of cuts to petrol levies, which cost around €1 billion ($1.16 billion) each month and expire on May 22. A union of truck drivers announced a five-day walkout scheduled to start on May 25.
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Giorgetti confirmed that the extension of the extraordinary energy measures will be discussed at a cabinet meeting on Friday.
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