Italy is said to be among five countries to have been notified that their budgets for 2015 are in violation of EU spending rules.
Speaking in parliament, Renzi said that Italy has met its fiscal commitments and made progress towards reforms.
"Verification is natural once you send your budget in," he was quoted by Ansa as saying.
"It doesn't mean we flunked."
He also said a debate on “how Eurpope must try to emerge from the tight margins of rigour to impose a growth strategy" cannot be delayed.
The other countries reportedly in the “EU danger zone” are France, Austria, Slovenia, Malta and Finland.
Italy is also under the EU microscope, with Renzi walking a tightrope between defending France – and its seeming defiance of Brussels over cutting its deficit – and keeping in the good graces of the Commission.
Italy’s budget for 2015 included plans to increase borrowing in order to cut €18 billion in taxes.
READ MORE HERE: Renzi unveils Italy's 'biggest ever tax cut'
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