The European Union just rejected Italy's budget for a 2nd time — and now Rome is facing a huge fine

Reuters/Darren Staples

• European Union formally rejects Italian budget for a second time after Rome makes only small tweaks.
• The path is no set for the opening of the EU's so-called Excessive Deficit Procedure — which has the power to fine countries within the Eurozone.
• The budget proposes increasing both Italy's overall government debt and its deficit in the short run, pushing the deficit as high as 2.4% of gross domestic product over the coming years.
• In doing so, Italy would fall foul of a previously mandated maximum deficit level of 0.8% of GDP. 

The European Union on Wednesday once again rejected the Italian government's proposed budget for 2019, paving the way for financial sanctions against the continent's fourth largest economy.

The budget proposes increasing both Italy's overall government debt and its deficit in the short run, pushing the deficit as high as 2.4% of gross domestic product over the coming years. This means Italy would fall foul of a previously mandated maximum deficit level of 0.8% of GDP. 

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