Italy's fashion industry is the world's undisputed number one. The eyes of the world are on events like Milan Fashion Week. But the European Commission can't the fancy clothes past the country's economic woes.
Since the financial crisis, Italy has struggled to kick-start its growth, and is lagging behind its European neighbors. But the causes of the country's malaise date back decades — and hope for change is meager.
Italy has promised to reduce its deficit targets for the next three years. Italian Prime Minister Giuseppe Conte said the long awaited agreement allowed his government to honor its main commitments and boost the economy.
Italy has become the first G7 country to join China's massive Belt and Road project. Debt-burdened Rome is eager to boost trade, but Washington and Brussels are uneasy about Beijing's global ambitions.
Italy's populist government has confirmed that the economy is effectively stagnating. It also raised its projected budget deficit as it seeks to maintain early retirement and basic income programs.
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