BREAKING NEWS

EU calls for adoption of Italian austerity plan

By REUTERS

SEPTEMBER 7, 2011 00:27

BRUSSELS - The European Commission said on Tuesday that it supported additional austerity measures unveiled by the Italian government, and called for their swift adoption.

"(The measures) confirm the determination of the Italian authorities to meet the agreed targets of deficit and debt reduction, while contributing to tackle the deep-rooted structural weaknesses of the Italian economy," the European Commission said in statement.

"The confirmation of the decision to introduce in the constitution the principle of a balanced budget and the abolition of provinces are decisive improvements in the institutional framework of Italy, and contribute to ensure budgetary discipline on a permanent basis," the statement said.

The Commission added that measures taken on retirement age were also an important signal, and called for rapid adoption of the adjustment package.

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