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Padoan says Italy has received 'severe warning' from EC

Economy minister says government committed to act on economy

05 March, 20:02
Padoan says Italy has received 'severe warning' from EC (See related) (ANSA) - Rome, March 5 - The European Commission has sent "a severe warning" over Italy's economic problems, but the government is committed to act, Economy Minister Pier Carlo Padoan said Wednesday. "We will go in the direction that we have decided on," including measures to "jump-start" the economy and then employment, he said in a Rai radio interview.

Padoan was responding to an announcement that the European Commission has launched a formal review of the country's macroeconomic policies.

European Economic and Monetary Affairs Commissioner Olli Rehn increased pressure on Rome to adopt urgent measures after the EC said Italy was under "specific monitoring" over its macroeconomic imbalances. Premier Matteo Renzi has said that next week he will unveil his long-awaited Jobs Act to combat record unemployment levels, as well as a two-billion-euro plan for Italy's schools.