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ROME, Oct 10 - Italy's economy minister said on Tuesday strict control of public spending was essential as the European Union prepares to restore tough fiscal rules next year that have been suspended since 2020 due to the COVID-19 pandemic.
"Tight control of public spending trends will become an imperative that can no longer be avoided," he told parliament while presenting the Treasury's new budget framework.Proportionally the highest in the euro zone after Greece's, Rome's debt is targeted to hit 139.6% of gross domestic product in 2026, just marginally down from 140.2% expected this year.
DARKENING OUTLOOK Prime Minister Giorgia Meloni's government will detail next week its 2024 budget amid a darkening economic outlook. Middle East turmoil following Hamas' weekend attack on Israel has added"further instability to a picture already complicated by conflicts and geopolitical tensions", Giorgetti said.
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