24, October 2018
European Union executive rejects Italian 2019 draft budget 0
The European Commission rejected on Tuesday, October 23, Italy’s draft 2019 budget because the plan breaks EU rules in an “unprecedented” way and asked Rome to submit a new one within three weeks or it would face disciplinary action.

The decision by the European Union executive arm is the first time it exercises the power, obtained during the sovereign debt crisis in 2013, to send back a budget of a euro zone country that violates the rules.
Commission Vice President for the Euro Valdis Dombrovskis told a news conference that for the first time, the Commission is obliged to request a euro area country to revise its draft budget plan.
He said the European Commission sees no alternative than to request the Italian government to do so. It has adopted an opinion giving Italy a maximum of three weeks to provide a revised draft budgetary plan for 2019.
The Commission said that the revised budget it expected to receive from Italy should be in line with the recommendation of EU finance ministers from July 13.
Italy sent a letter to the Commission on Monday, October 22, acknowledging that its draft budget was in violation of EU rules, but insisting it would still go ahead with it.
Dombrovskis added that unless Rome changes its draft budget in the next three weeks, the Commission was ready to open a disciplinary process against the country, called the ‘excessive deficit procedure’, based on the lack of progress in cutting debt — an obligation under EU law.






















25, October 2018
Former French president Sarkozy loses court appeal in campaign financing case 0
Former French President Nicolas Sarkozy has lost an appeal against an earlier decision to send him to trial over charges of illegal campaign financing, and his lawyer said he would challenge the decision in France’s highest appeals court.
If Sarkozy stands trial, he would be the second French president in the dock since Jacques Chirac, who was president from 1995 to 2007. Chirac was given a suspended sentence in 2011 after being convicted of misusing public funds.
The so-called “Bygmalion” campaign financing affair centers on accusations that Sarkozy’s party, then known as the UMP, connived with a friendly public relations firm to hide the true cost of his 2012 presidential election campaign.
France sets limits on campaign spending, and prosecutors allege that the firm Bygmalion invoiced Sarkozy’s party rather than the campaign, allowing the UMP to spend almost double the amount permitted.
After five years in power, Sarkozy was defeated by Socialist Francois Hollande when he ran for a second term in 2012. He has since faced a series of investigations into alleged corruption, fraud, favouritism and campaign-funding irregularities.
Sarkozy has denied charges of wrongdoing and has vowed to have all cases dismissed. His lawyer said he would challenge the latest decision in France’s supreme Court of Appeal.
Under French law, a suspect is not formally charged with a crime unless he is sent to trial.
On Oct. 8, Sarkozy lost a first appeal against facing trial over separate influence peddling and corruption charges.
In that case, Sarkozy is suspected of helping a prosecutor get promoted in return for leaked information about a separate criminal inquiry.
Sarkozy lost presidential immunity from legal prosecution a month after he left office.
(Source: Reuters)