There is a widespread impression that the rejection by the Commission of the initial budget proposed by the Italian government in October contributed to the renewed increase in the risk spread on Italian government bonds. However, there is no real reason for such a link.

The European Commission’s slap on Italy’s wrist does not take into account a few factors: the robustness of our budget surpluses, the generous contribution to the European home and those advantages that the Euro has granted to the reference country in the Old Continent, that is to say Germany. These are the elements that Brussels should consider before sending its next letter