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Stability pact, Italy awaits the EU response on flexibility for energy.
AGI - The government is awaiting a response or counter-proposal from the EU to Italy’s request to introduce greater flexibility in the Stability Pact, even regarding energy, as is already possible with security matters. This request follows the surge in energy prices due to the Iran war. Yesterday, sources from Brussels announced that the Commission’s response should arrive next June 3rd, coinciding with the presentation of the “Spring Package of the European Semester.”
Meanwhile, the International Monetary Fund estimates that Italy “will continue to grow at a modest pace, hampered by unfavorable external factors and structural challenges” such as the “excessively high” public debt, which exceeds 3 trillion euros.
“Italy’s position is very simple: we believe we are in an exceptional situation. Of course, some countries no longer have manufacturing and are therefore less interested in energy. But if the response is that ‘this cannot be done because we are not in a severe recession’, then the response is that it can be done for defense spending,” stated Economy Minister Giancarlo Giorgetti during the Lega’s annual economic seminar in the Chamber of Deputies. He then added: “The discussion with the EU is ongoing, it is not easy. I hope that a counter-proposal or response from the EU on this aspect will arrive soon, there are all the elements for it. We will continue because we are convinced we are right.”
Critique of the EU’s Geopolitical Approach
Another assessment concerns the EU’s approach to the current global crisis. “In China and the US, the issue is addressed with a political vision. Essentially – the minister assessed – the EU is a passive subject that suffers the decisions of others. We continue with an approach from 10 or 20 years ago, in a world that has become totally different. You cannot continue to use the tools, rules and methods of an era that is now outdated.”
Vice Premier and League leader Matteo Salvini’s assessment of the EU is even tougher: “When they ask us what we do if Brussels says no, what do we do? If Brussels says: ‘you are dying and I am letting you die’, I will not die. I will not stop the Italian industrial system for caprice, complicity, slowness or obtuseness.”
IMF Estimates of GDP and Debt
Today, the IMF noted that Italy’s real GDP will grow by 0.5% in 2025, supported by private consumption and ongoing investments within the PNRR, with the Middle East conflict, and is projected to grow by 0.5% this year and in 2027. However, the IMF warns about the high public debt. It emphasizes that the overall deficit has fallen to 3.1% of GDP in 2025, reflecting an improved result compared to the initial target for the second consecutive year. Despite these advances, public debt has increased to approximately 137% of GDP by the end of 2025, and the debt dynamics remain “vulnerable to shocks related to growth, interest rates, and confidence.”
The IMF also suggests evaluating the effectiveness of the government’s measures to mitigate the high energy prices. The measures “should be budget-neutral, temporary, well-targeted, and not undermine incentives to reduce energy consumption” and therefore “the recent generalized reduction in excise duties on diesel and gasoline, aimed at mitigating the shock, should be replaced by targeted cash transfers to the most vulnerable families.” At the same time, the IMF observes, “any new spending, including that for defense, should be fully offset to safeguard budgetary sustainability.”
Giorgetti’s Response on Debt and Excise Duties
Giorgetti, responding to these observations, replied: “We know that the debt is high, it’s not a new thing, when we will finish paying the past rates of the Superbonus ‘as you know naturally it rises’. That’s why we are so careful in managing public finances.”
Regarding the IMF’s invitation to replace cuts in fuel excise duties with measures for families, the Minister of Economy replied: “Read the whole report, yesterday we had the meeting, it went well.”
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https://www.agi.it/economia/news/2026-05-27/ue-patto-stabilit-energia-37264983/
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