Bloomberg News

ECB’s Bini Smaghi Says Italy Must Reduce Debt, Spur Growth

November 20, 2011

Nov. 18 (Bloomberg) -- European Central Bank Executive Board member Lorenzo Bini Smaghi said that Italy’s new government should focus on cutting debt and spurring economic growth.

International investors are focusing on whether the government can take action to boost the economic expansion to reduce the euro-region’s second biggest debt in a country where growth has lagged the European average for more than a decade.

He warned that imposing a wealth tax could hurt investment and spending in Italy.

To contact the reporter on this story: Chiara Vasarri in Milan at

To contact the editor responsible for this story: Andrew Davis at

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