EU's Gentiloni said he is confident a budget rule deal will be reached by end2023 deadline

<p>European Union Commissioner for Economy Paolo Gentiloni said he was confident an agreement over re-implementing EU budget rules would be reached by year-end, ruling out an extension of their suspension into 2024.
</p><p>Gentiloni spoke on Saturday. He was referring to the EU Stability and Growth Pact, which has been on hold since 2020 to help EU governments deal with the COVID-19 pandemic and the impact of Russia's February 2022 invasion of Ukraine on energy and food prices.</p><p>Last week Italian Economy Minister Giancarlo Giorgetti, who said a deal was probably out of reach by the end-2023 deadline. Gentiloni's comments contradict this. While he says he is confident …. this doesn't sound confident:</p><ul><li> "I'm confident, I'd say I have to be confident, that a deal (over the new budget rules) can be reached by year-end," </li><li>"Suspension won't be extended to 2024," </li><li>Said that failure to reach a deal on reviving the rules would mean a return to previous budget rules that did not help promote economic growth and cut sovereign debt in the bloc.</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.