ROME (Reuters) – Italy’s economy minister said on Tuesday he was confident about the chances of reaching an agreement with the European Union over Rome’s budget, and the new deficit targets will show a “more than prudent” fiscal policy.

Brussels is threatening to open a disciplinary action against Italy for its growing debt.

“I do not see obstacles for an agreement with the EU,” Giovanni Tria said according to a text of a speech he was due to give to a conference in Rome. “I am optimistic.”

The minister confirmed that the new deficit target for this year will be lowered to 2.1% from 2.4%.

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