Italy PM Renzi say EU's Fiscal Compact was a 'dreadful mistake'

Italian Prime Minister Matteo Renzi said on Wednesday that the European Union's Fiscal Compact was a major error that had made life much more difficult for his government. The Fiscal Compact was adopted in the wake of the debt crisis which engulfed the euro zone in 2011, and laid down tough requirements for fiscal consolidation, especially for high-debt countries like Italy. Renzi told reporters after an EU summit in Brussels that the compact was a "dreadful mistake" and Italy would have far more options in terms of budget policy if it had never been signed.

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