Italy pledged to jumpstart growth-boosting efforts and do a better job telling citizens how the European Union protects the euro, according to a report on Italian plans for its turn at the bloc’s administrative helm.
“While disillusionment with the single currency has grown in recent years,” the euro’s potential “remains intact,” said the Italian presidency program. Citizens need the EU to “explain the rationale underpinning the reforms” required by euro-area budget and economic rules, the report said.
Italy plans to organize a youth unemployment summit during the next six months, and it also will aim for a new industrial policy framework and for “substantial progress” on a data protection law. “Concrete results” are needed in a proposed trans-Atlantic trade pact with the U.S., and the Italian presidency will help nations monitor the European Central Bank’s bank assessments as it takes over euro-area oversight.
Legislation on financial benchmarks will be a priority area, as will regulations on the insurance sector and pension funds, the program said. The work program also will consider proposals on money-market funds and banking sector structure.
“The European elections have demonstrated that there is a widespread and still unanswered demand for change in Europe,” the report said. “A fresh start and a radically new approach are needed if we are to give new impetus to the European project.”