Italy's Deputy Prime Minister Matteo Salvini said earlier on Tuesday the European Commission could impose a 3 billion euro fine on Italy for breaking EU rules due to its rising debt and structural deficit levels.

"Commissioner Moscovici has always been as a principle, more in favour of dialogue than sanctions, as he believes that if the process gets to the stage of sanctions it is always a failure," the cabinet member said.

"We need a dialogue with Italy, and it is under way, but measures will need to be taken and the commissioner has been clear that if EU rules are not respected then sanctions do exist as part of the process," the official recounted Moscovici's position.