"The consolidation of public finances is not enough: structural reforms are also needed to strengthen growth. And this also applies to Italy”. This was stated by the Vice President of the European Commission, Olli Rehn, Head of Economic Affairs and guest today at Montecitorio.
Rehn also spoke to the Italian Parliament about the situation of the euro: “the economic recovery has stalled“, a slowdown in growth that reflects both the “market turmoil on public debts and a global economic slowdown”.
For 2011, the Commission expects a Euro area GDP economic growth of only +0,5% and the situation is expected to worsen in 2012. Rehn issues the warning: "The contagion of the public debt crisis is spreading from the peripheral countries towards the core countries".
But encourage Italy: “Italy faces formidable challenges”, it now needs to give "strong signals to markets and citizens" on the pursuit of goals that are "reachable. Ambitious measures are needed to relaunch growth and guarantee social equity, in recent months – he added – there has been progress”. Rehn has called for a full implementation of the measures announced in recent months.
