As expected the European Commission has given its thumbs down to the revised Italian budget.
This development means that sanctions related to Excessive Deficit Procedure will kick in.
In fact the European Union has taken its first step towards disciplinary procedures against Italy over budget plans.
The bloc’s legislative arm, the European Commission, announced on Wednesday that it will sanction Italy with a fine after it found the country’s draft budget plan failed to comply with it’s recommendations.
This is a developing story, more details will follow.