Italy determined to avoid EU debt action, will respect rules - PM

FILE PHOTO: Italian Prime Minister Giuseppe Conte looks on as he holds a news conference at Chigi Palace in Rome

ROME (Reuters) - Prime Minister Giuseppe Conte said on Wednesday Italy will respect European Union fiscal rules and is determined to avoid disciplinary action over Rome's rising debt.

Brussels has threatened Italy with a procedure that would entail closer oversight of its fiscal policy and could eventually lead to fines.

It complains Rome did not cut its public debt in 2018 as promised, and sees it continuing to rise this year and next unless the anti-austerity government adopts belt-tightening measures.

"We are determined to avoid an EU infringement procedure and we are convinced about our economic policies," Conte told the Chamber of Deputies ahead of an EU summit this week.

"Italy intends to respect EU rules," he said, but added that the rules need to be revised to ensure a better "balance between stability and growth and (between) the reduction of risks and the sharing of risks."

(Reporting by Giuseppe Fonte and Angelo Amante, writing by Gavin Jones, editing by Giselda Vagnoni)