German Finance Minister Wolfgang
Schaeuble praised the Italian government Wednesday, saying it
"has made the necessary reforms".
According to Bloomberg news, Schaeuble used a speech in
Berlin to say that the eurozone "has started on the right track
to become more competitive".
As he spoke, new manufacturing data showed Italy and the
eurozone had posted stronger than expected figures for January.
The Purchasing Managers Index rose to 51.2 points in Italy
and 52.6 for the eurozone, suggesting an uptick in growth.
Italian Premier Matteo Renzi has been pushing through
parliament a series of reforms, including changes to the
country's labour laws aimed at making it easier for employers to
hire and fire workers.
Justice system reforms have been promised as well as
changes to simplify government and elections aimed in part at
improving efficiency.
Renzi is also taking on the country's banking system by
changing the ownership rules for the biggest 10 cooperative
banks - a step many say will make mergers and takeovers easier.
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