European Central Bank (ECB)
executive board member Benoit Coeurè said Monday that Italy has
"taken fundamental steps" to support growth but needs to
undertake "further structural reform" to relaunch productivity,
improve the business climate, and set up adequate
infrastructure.
He also said countries who stretch the rules too much
undermine their own credibility. "Fiscal room for manoeuvre
should be used wisely," he said. Countries that don't need the
wiggle room "shouldn't bend the rules", he said.
He said stretching the rules too much undermines their
credibility.
"Economic and fiscal policies need to be used in a more
determined way so as to reduce structural unemployment and boost
the eurozone's growth potential," he said.
He cited Premier Matteo Renzi's Jobs Act labour reform and
measures to rid Italian banks of non-performing loans (NPLs) as
positive measures.
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