Mario to Mario

17 February 2021 By Neil Unmack Follow @unmack1

Italy’s prime minister laid out an ambitious overhaul of the public sector and judiciary to help the euro zone economy to grow out of its debt. Europe’s $250 bln of recovery funding will help. Central bank bond-buying, however, means there’s less urgency for change.

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Italian Prime Minister Mario Draghi on Feb. 17 promised sweeping reforms of the country’s judiciary, public administration and tax system, in his maiden speech to the country’s parliament.

The former head of the European Central Bank said his administration would throw all its efforts into defeating Covid-19 while looking to leave a stronger, greener nation for future generations.

"Today we have, as did the governments of the immediate post-war period, the possibility, or rather the responsibility, to launch a new reconstruction," said Draghi, ahead of a mandatory confidence vote he is expected to win with ease.

His immediate priorities will be ensuring a smooth coronavirus vaccination campaign and re-writing plans for how to spend more than 209 billion euros ($250 billion) of European Union funds aimed at rebuilding the economy.

To guarantee the money is well spent, Draghi signalled that he wanted to overhaul the public administration, which is throttled by red tape, and the justice system, one of the slowest in Europe. He also pledged to reform income tax.

Context News

Italian Prime Minister Mario Draghi on Feb. 17 promised sweeping reforms of the country’s judiciary, public administration and tax system, in his maiden speech to the country’s parliament.

The former head of the European Central Bank said his administration would throw all its efforts into defeating Covid-19 while looking to leave a stronger, greener nation for future generations.

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