Draghi urges speedy reforms to spur growth
MILAN — Italy’s central bank chief urged the Italian government to act quickly on reforms to spur growth or risk being swept up into the debt crisis.
Mario Draghi warned in a speech Wednesday that unless additional measures are taken quickly, the rising cost of borrowing seen over the last three months will eat up “no small part” of the austerity package approved by Parliament last month.
Draghi said the measures, aimed at balancing the budget by 2013, put Italy on the right path, but the are not enough. Draghi said Italy needs to reform the civil justice and education systems, upgrade infrastructure and liberalize the labor market.
Draghi becomes European Central Bank chief on Nov. 1.
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