By Steve Scherer, includes “The European Commission has asked Italy to explain why its draft budget for next year will breach European Union debt-reduction goals, a step that may lead to demands from Brussels for changes to the spending package. Italy's 2015 budget proposal showed a "significant deviation" from its previous plan for achieving a balanced budget in structural terms, or adjusted for the effects of the business cycle, according to a letter from incoming Jobs and Growth Commissioner Jyrki Katainen released on Thursday. …”
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