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Confindustria calls for shock therapy to reduce economic crisis in Italy

Confindustria sent politicians a document proposing a number of reforms to be implemented over the next five years

Confindustria, Italian biggest Entrepreneurs' Association says Italy needs a literal shock therapy to produce immediate economic results.

"The economic crisis has affected deeply the country, which is facing a social and economic crisis." This is what the Italian industrials underlined in the document addressed to politicians, currently busy with electoral campaign.

According to the Italian Entrepreneurs' Association "immediate and courageous choices must be made, in order to face the economic and social emergency. Economic growth and work are essential to provide a future of progress to young people."

"Since 2007" President of Confindustria Giorgio Squinzi said " the Italian industrial production has fallen by 25%, unemployment rate has doubled (particularly among young people, as Prime Minister Mario Monti himself has underlined at Davos,)while personal  incomes went back to the levels of 1997."

According to Confindustria, Italy needs a 316 billion euro project, with an expected growth rate of 3% in five years, so that the GDP could increase by 156 billion euros. "Reforms must also be approved in order to support investments and make enterprises competitive again," by the immediate payment of commercial debts accumulated by the State and local authorities, and an 8% cut of labor cost in the manufacturing sector.

Industrials also underlined the importance of an increase of 40 hours per year in the working time, a 50% growth in investments in infrastructures, research and new technologies, and a reduction in energy costs."

If these measures will be taken, the Italian Employer's Association expects the creation of 1,8 million more jobs in few years.

However, according to the Confindustria report "the enduring uncertainty on the definitive solution of global crisis, despite reforms, could make prospects worse."

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