‘Drastic measures needed to build Italy’
Mon, 21 Jan 2013 04:16:26 GMT
Italian Prime Minister Mario Monti has launched his re-election campaign, calling for drastic reforms to lead the eurozone country out of its economic crisis.
“Italy needs radical reforms. Radical reforms for those who are outside protected interest groups, and for young people who cannot find work because others are over-protected,” Reuters quoted the outgoing premier as saying at the launch of his campaign for a second term on Sunday.
Monti also said he would seek a “drastic reduction” of the number of parliamentarians and an overhaul of the Italian state to make it “less onerous.”
Monti resigned on December 21, 2012, just days after ex-Prime Minister Silvio Berlusconi and his party threatened to topple his government. He remains as a caretaker until early elections take place, scheduled for February 24-25.
On Monday, Italy’s National Institute for Statistics said the country witnessed a 1.0 percent drop in its industrial output in November 2012, suggesting Italy remains deep in recession.
Italy started to experience recession after its economy contracted by 0.2 percent in the third quarter of 2011 and by 0.7 percent in the fourth quarter of 2011.
Europe plunged into a financial crisis in early 2008. The worsening debt crisis has forced EU governments to adopt harsh austerity measures, which have triggered incidents of social unrest and massive protests in many European countries.