On Monday, European finance ministers met in Brussels to discuss the deepening debt crisis among nations using the euro. European Union Economic and Monetary Affairs Commissioner Olli Rehn said Italy needs to enact reforms.
OLLI REHN: "[It is] essential now that Italy will stick to its fiscal targets, ensure their implementation and intensify the structural reforms that can boost growth and job creation."
Unlike Greece, Italy’s budget deficit is not out of control. Of greatest concern, however, is Italy’s lack of growth and job creation.
Financial officials and market watchers are also concerned that Italy’s debt problems may be too big to solve for the seventeen nations using the euro. European leaders have yet to agree on the size and conditions of a rescue fund, or plan.
In Brussels, Dutch Finance Minister Jan Kees de Jager said the rescue fund needed to be bigger. But he said budget reform of euro nations was important, too.
JAN KEES DE JAGER: "We have to increase the capacity of the emergency fund, that's very important, but it's not the only thing. Economic reforms and budget cuts in countries currently under attack of the financial markets are at least as important than more money in the emergency fund.''
On Wednesday, Italian President Giorgio Napolitano named former European commissioner Mario Monti a Senator for life. Mister Monti is now considered a leading candidate to replace Mister Berlusconi.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25