(ANSA) Rome, July 31 - Italian Economy Minister Pier Carlo
Padoan said Thursday that a major "effort" is needed to sustain
EU growth and cautioned that energy supplies could be vulnerable
if sanctions against Russia last a long time.
"The situation of the economy is less favourable" Padoan
said after meeting French counterpart Michel Sapin in Rome as
part of Italy's revolving presidency of the EU.
"An effort is needed to sustain growth in a context of
consolidating the finances".
Padoan and Sapin said in a joint statement that
"everything depends on the duration" of sanctions imposed on
Russia over Ukraine.
"This is a delicate subject and we have spoken of it in
the G7 meeting," Sapin said as Padoan nodded in agreement.
"If the Ukrainian situation will last more than a year,
we'll need to open the file again".
Italy is heavily dependent on imports of Russian natural
gas for its energy needs.
Sapin added that "we share 100% the priorities announced
by Padoan - we all need more growth".
"We have emerged from tumultuous times with a financial
and banking crisis, but there is still not stable and enduring
growth, which we need to rebuild the economic texture, to repair
the social texture and to reduce mass unemployment and youth
unemployment".
Sapin underlined that economic growth entails "pursuing a
a balanced budget. We must not neglect reducing deficits and
debt".
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