Economy Minister Pier Carlo
Padoan said that the "culture of austerity is still strong in
Europe" in interview published in Monday's edition of Rome-based
daily Il Messaggero. Premier Matteo Renzi's government has been
driving, with some success, for the European Commission to allow
greater flexibility in the application of its budget rules for
growth-stoking measures. But there has been tension between Roma
and Brussels in recent weeks over a variety of issues. Padoan
was commenting after the Commission said in a report last week
that the medium-term risks on Italy's massive debt of over two
trillion euros are high. "That report just showed that, with a
such a high debt, we are more exposed to shocks," Padoan said.
"That's why the government has put the debt on a downward
trajectory after eight years of growth and, in 2016, it is set
to decrease as a proportion of GDP... There's nothing wrong with
the concept of Budget responsibility and Italy is proving highly
responsible".
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