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Italy Must Back Up Commitments With Specific Actions, EU Says

October 25, 2011

Oct. 25 (Bloomberg) -- Italy must back up its commitments on budgetary and structural reforms with “specific actions,” the European Union said.

“It does seem important and necessary for Italy to back this up with specific actions, with a clear timing for all these actions,” Amadeu Altafaj, spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn, told reporters today in Brussels. “This is in the budgetary area, but also for structural reforms,’’ as well as proposed measures for the pension system and the legal environment for businesses, he said.

Italian Prime Minister Silvio Berlusconi’s Cabinet failed to agree yesterday on steps to spur economic growth after the EU urged Italy to push through “comprehensive” measures to fight the sovereign-debt crisis.

“We have to safeguard the financial stability of the euro zone -- what happens in Italy will have an impact on all the other countries in the euro zone,” Altafaj said today. “And just as we made comments about the budgetary policies of other member states, we are doing the same for Italy. There is no degree of humiliation involved in these comments.”

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