The Indian powerhouse is running out of steam. The pressure is on the government, as it holds budget talks.
Italy has stuck to its big-spending budget plan, despite demands for changes from the EU and the threat of financial penalties. The move has sparked concerns over Italy's debt, and uncertainty from investors.
Chancellor Merkel countered a storm of accusations and scorn from the far right in her first parliamentary speech since announcing this would be her last term. She also emphasized the value of international cooperation.
The European Commission's new rejection of the Italian budget is the first step in disciplinary procedures that may lead to hefty fines. In its report, the Commission said Italy has "seriously violated" EU budget rules.
Global economic growth has peaked, the Organization for Economic Cooperation and Development has said in its latest economic outlook. And more clouds are appearing on the horizon in the form of trade disputes.
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