Dec. 6 (Bloomberg) -- Confindustria, Italy’s employers’ lobby, called on lawmakers to swiftly approve the government’s 30 billion-euro ($40 billion) emergency budget plan.
“The package, though painful in some parts, is absolutely needed” and Parliament must approve it “as soon as possible,” Confindustria Director General Giampaolo Galli said in a speech in Rome today. Italy’s economy is shrinking and will keep doing so next year, providing “a reason for anxiety,” he said.
Prime Minister Mario Monti’s Cabinet approved the package by decree on Dec. 4, meaning it takes effect immediately and the legislature has 60 days to pass the measures for them to remain in effect. Both houses of Parliament are expected to vote before the Christmas recess.
The plan includes an overhaul of the pension system, a property tax abolished by the previous government, higher levies on gasoline and luxury goods such as yachts and sports cars, and tax breaks for companies that hire women and young workers.
--Editors: Jeffrey Donovan, Andrew Davis
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