In Unprecedented Step, EU Tells Italy To Resubmit Budget As Conte Says No “Plan B”

• Has the nation states in the EU lost their sovereignty to the central EU politburo, central government? The clear answer is YES! However, Italy is not Greece and when Italy collapses, it will bring down the EU. So, I don’t believe the EU central government has that much leverage, negotiation power over Italy.
  –
• In Unprecedented Step, EU Tells Italy To Resubmit Budget As Conte Says No “Plan B”
  by Tyler Durden, https://www.zerohedge.com/
  Update: the gloves are officially off, with Europe not only telling Italy to revise its budget, but threatening it may impose disciplinary action on the Mediterranean nation:
  –
  * EUROPEAN COMMISSION REJECTS ITALY’S DRAFT 2019 BUDGET, ASKS FOR REVISED PLAN IN THREE WEEKS
  * DOMBROVSKIS SAYS ITALIAN GOVERNMENT IS OPENLY AND CONSCIOUSLY GOING AGAINST PAST COMMITMENTS MADE ON BUDGET
  * DOMBROVSKIS SAYS EU COMMISSION MAY REASSESS ITS DECISION IN MAY NOT TO PUT ITALY UNDER DISCIPLINARY ACTION
  * EU’S DOMBROVSKIS SAYS ITALY’S CLARIFICATIONS ON 2019 DRAFT FROM MONDAY NOT CONVINCING
  * DOMBROVSKIS SAYS EU BUILT ON TRUST, SAME RULES FOR EVERYBODY, IF TRUST IS ERODED, ALL IN EU SUFFER
  * DOMBROVSKIS SAYS EXPERIENCE HAS SHOWN HIGHER FISCAL DEFICITS, DEBT DO NOT BRING LASTING GROWTH, MAKE ECONOMY VULNERABLE
  * EU’S DOMBROVSKIS SAYS WE NOW HAVE 3 WEEKS OF INTENSIVE DIALOGUE WITH ITALY, BALL IN ITALY’S COURT
  –
  Needless to say, this means that the Italian budget process will be significantly revised soon:
  –
  read more.

end