Padoan says culture of austerity still strong in EU (2)

(ANSA) - Rome, February 1 - 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".