The European Commission on Wednesday rejected Italy's draft budgetary plan for 2019 again, paving the way for disciplinary procedures against the eurozone's third-largest economy.

European Commission Vice-President Valdis Dombrovskis said in a press briefing at noon that "with regret, that today we confirm our assessment that Italy's draft budget plan is in particularly serious non-compliance with the Council recommendation of 13 July."

"We conclude that the opening of a procedure for excessive deficit based on the debt is thus warranted," Dombrovskis added.