Rehn Calls for Swift Action on Italian Austerity, Reuters Says

Olli Rehn, the European Union’s Economic and Monetary Commissioner, said he supports Italy’s moves to accelerate austerity plans and that reforms should be implemented swiftly, Reuters reported today, citing a telephone interview with the official.

Italy’s actions to cut its debts at a faster pace in order to achieve a balanced budget by 2013, as announced by the country’s Prime Minister Silvio Berlusconi yesterday, will help improve confidence and could aid growth, Rehn said, according to Reuters. He declined to comment on whether Italy’s actions would spur the European Central Bank to buy Italian bonds.