European commissioner for the Euro and social dialogue Valdis Dombrovskis holds a press conference at the European Commission in Brussels

The Vice President of the European Commission for the euro Valdis Dombrovskis said on Tuesday the EU executive was considering possible sanctions proceedings against Italy if Rome did not change its budget by Nov. 13.

"It is something we are looking at," Dombrovskis told a news conference, adding that the procedure would concern Italy's high debt and noting that Rome still had a week to change.

Dombrovskis referred to a procedure that could lead to fines or the suspension of EU funds if Italy did not abide by EU requirements.

Dombrovskis repeated the Commission was open to a dialogue with Italy, but that changes to the budget had to be "substantial".

