EU's Dombrovskis: Commission rejects Italian budget plan, to ask for revised plan in 3 weeks

European Commission Vice President Valdis Dombrovskis is delivering his remarks regarding their assessment of the Italian governments budget proposal with key quotes, via Reuters, found below.

• Commission rejects Italian budget plan, to ask for revised plan in 3 weeks.
• Ball is in Italy’s court, have 3 weeks of intensive dialogue with Italy.
• Experience shows higher fiscal deficits, debt do not bring lasting growth, but make the economy vulnerable.
• May reassess decision in May to not put Italy under disciplinary action.
• Italian government is ‘openly’ going against past commitments on budget.