Reforms initiated to revive crisis-hit Europe: Italian PM

PTI Updated - January 24, 2013 at 01:58 PM.

Europe might have fallen behind the curve in tackling the debt turmoil but reforms are happening to ensure growth and prosperity in the region, Italian Prime Minister Mario Monti has said.

Noting that Italy is working on ways to revive its economy, Monti said his government has stepped up the fight against tax evasion, black economy and corruption.

Speaking at the annual World Economic Forum (WEF) meeting here on Wednesday, Monti said that Europe might have fallen in terms of “short-term gains in tackling the crisis but what has been the need of the hour is that everyone does its own share and Italy has done its part”.

According to him, prosperity and growth has to be priority for Europe.

The persisting euro zone debt crisis, with its epicentre in Greece, has not only impacted many European nations but is also posing a threat to the fragile global economic recovery.

Talking about Italy, Monti said the Government has taken steps towards tough rules that would push the country into the growth track.

“We have (also) stepped up our fight against tax evasion, black economy and corruption. It has been a long year of reforms,” the Prime Minister stressed.

The Italian economy is expected to contract one per cent this year before seeing a growth of 0.5 per cent in 2014, according to the International Monetary Fund (IMF).

Last year, Italy’s GDP is estimated to have shrunk 2.1 per cent.

Stating that it would be difficult to provide a timeframe for the revival of the Italian economy, Monti assured that reforms are happening.

“ ... But I think 2-3 years will be long enough time to see efforts of reforms that have been already taken and other reforms that may follow soon.

“Corruption has been a major issue for investors not putting in money in Italy but steps have been taken and more would follow,” he said.

Published on January 24, 2013 08:28