“Given Italy has one of the weakest potential growth rates among EU members at just 0.5%, debt sustainability concerns will remain and any fiscal stimulus measures that lack structural reforms will likely tighten financial conditions, offsetting any fiscal impulse,” according to BlackRock.

Italy’s lower house of parliament has until Dec. 31 to pass a new budget so that it goes into effect for the new year.

“Last Wednesday, the European Commission reached a deal with Italy over its 2019 budget after months of verbal sparring, avoiding disciplinary steps against Rome,” reports Reuters. “But the changes led to extensive re-drafting, and on Saturday a final text only arrived in the Senate at the last minute, triggering uproar from opposition lawmakers.”

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