The European Union announced that it would fine Italy for refusing to introduce amendments to the budget, DW reported. 

According to vice-president of the European Commission Valdis Dombrovskis, the Italian budget plan will have a tough impact on the Italian in the future.

"We conclude that the opening of a debt-based excessive deficit procedure is warranted," he added.

Earlier, the Italian government rejected the EU’s requirement to amend the draft budget. Italy is now threatened with a penalty procedure, which could lead to a reduction in EU assistance and heavy fines.