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BRUSSELS, Belgium (AP) - Italy's budget won EU approval Wednesday when the European Commission said it would not take further disciplinary action against Rome for breaking its budget rules.
"Italy has taken action consistent with our recommendations. In particular the 2005 deficit target, 4.3 percent of gross domestic product, appears to have been achieved," said EU Economic and Monetary Affairs Commissioner Joaquin Almunia.
He said Italy's 2006 spending plans should meet the guidelines set out by EU finance ministers last year, putting it on track to come in below the 3 percent limit by 2007 — good news for the government of Premier Silvio Berlusconi, who faces re-election this year.
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