Luigi Di Maio, Leader of 5-Star Movement (M5S) leaves the parliament after a new day of meetings for the formation of the new government on April 26, 2018 in Rome, Italy.

The power-sharing agreement between Italy's two populist parties is likely to raise concerns for officials at the European Union.

The left-wing Five Star Movement (M5S) and the far-right Lega are on the brink of clinching power in the southern European nation, forming a coalition after neither party gained enough seats to govern alone at March elections. They released their plans for the next executive Friday morning which would potentially end more than two months of political instability in the third largest euro zone economy. The plan will be voted on by their members over the weekend and, if approved, could bring further problems for the EU.

Their plan aims for a "necessary" re-discussion over European treaties, a "reduction" of the powers coming from Brussels, and a return to a pre-Maastricht setting.

Under an accord signed in the city of Maastricht in 1992, European countries are supposed to comply with euro-wide fiscal rules. This means that their debt-to-GDP (gross domestic product) ratio should not exceed 60 percent and their public accounts should not register a deficit above 3 percent of GDP. Italy's debt stands at about 132 percent of GDP and the country registered a deficit of 2.3 percent in 2017.