... after the European Commission decided to avoid disciplinary action against Italy over its soaring debt and growing deficit, after the government in Rome offered fresh promises that address some of Brussels' concerns.

"The commission has concluded that a debt-based Excessive Deficit Procedure for Italy is no longer warranted at this stage," Economic Affairs Commissioner Pierre Moscovici told reporters in Brussels on Wednesday after a meeting of the European Union's executive arm.

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However, in a repeat of 2018's budget fiasco Moscovici added that "we will need to continue to monitor Italy's budgetary execution very closely in the second half of this year," citing the assessment of the 2020 budgetary plan due mid-October.