Arab Today, arab today italian minister highlights \growth strategy\ in response to ec warning
Last Updated : GMT 00:44:11
Arab Today, arab today
Arab Today, arab today

Italian minister highlights \'growth strategy\' in response to EC warning

Arab Today, arab today

Arab Today, arab today Italian minister highlights \'growth strategy\' in response to EC warning

Rome - XINHUA

Italian Economy Minister Pier Carlo Padoan on Thursday welcomed the European Commission (EC) demand for fast action on reforms, saying his country was ready to give "strong signals" to relaunch the economy. Padoan said in a radio interview that the EC had sent a "severe" but appropriate warning in line with the concerns of the Italian government and what he believed when he was the deputy secretary-general of the Organization of Co-operation and Economic Development (OECD) until last month. The Italian economy minister also told Il Sole 24 Ore financial newspaper that the new government led by Prime Minister Matteo Renzi would invest on growth through "immediate and structural reforms." The remarks came a day after the EC reproached Italy for its high debt, low competitiveness and inadequate structural adjustments saying that strong action was needed to correct "excessive macroeconomic imbalances" in the economy. His first priority, Padoan said, would be a reduction in labor taxes, which weigh on companies' productivity and competitiveness, through considerable spending cuts and a more efficient use of European funds. "I would say 5 billion euros (6.8 billion U.S. dollars) yearly (of spending cuts) is not an unreasonable figure," he said mentioning measures to pay government debt to companies, one-off moves such as the repatriation of capital and fighting fiscal evasion. Padoan also responded to the EC concerns about Italy's increasing public debt as a percentage of GDP, expected to reach 133.7 percent this year. "We must bring the debt down not because Europe was asking us but for our own sake and especially for our children," he said. "The European reprimand will be one more reason to reinforce our strategy," Padoan underlined saying that "growth" would be at the center of Italy's policies during its EU's rotating presidency for the second half of this year. The economy minister assured that his country was committed to keeping the deficit-GDP ratio below the 3-percent European Union (EU) ceiling. Commenting on the hypothesis of creating one or more "bad banks" to hold Italian banks' non-performing loans -- that were worth nearly 156 billion euros (214 billion U.S. dollars) last year -- Padoan said it could be a "useful tool." Also in response to the EC warning that Italy's 2014 budget was insufficient to correct the imbalances, government sources quoted by ANSA news agency said later on Thursday that the government would not pass a corrective budget. "We know well that it is necessary to introduce fiscal and labor measures as well as constitutional reforms to make the Italian public system more efficient, but the EC reprimand was excessive and partly wrong," Italy's Undersecretary for European Affairs Sandro Gozi told Rai state television. "It is a given that Italy, since the outbreak of the Greek crisis, not only did not take home one euro from the EU, but gave a lot of euros, or around 50 billion (68 billion U.S. dollars), to help those countries in need. We expect more objective evaluations from the EU," he said. "I would like to clarify that what the European Commission did was not a special report on Italy but an ordinary report also regarding 16 other governments," Gozi said, adding that the answer to Italian problems "lies in the measures that we consider fundamental to create jobs and boost competitiveness."

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today italian minister highlights \growth strategy\ in response to ec warning Arab Today, arab today italian minister highlights \growth strategy\ in response to ec warning

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 05:26 2017 Sunday ,19 February

US natural gas market tightens

GMT 05:06 2017 Sunday ,19 February

Merkel: Euro is too low for Germany

GMT 04:58 2017 Sunday ,19 February

Swedish PM: Brexit deal in 2 years is unlikely

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum

GMT 10:20 2017 Thursday ,16 February

New Zealand's Spark rings up interim profit rise
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday