European Affairs Minister Paolo Savona proposed on Monday that Italy should boost investments by about 50 billion euros ($58 billion) and called on the EU to back the plan instead of insisting on deficit reduction
Source: Reuters – In an interview with daily La Verita, Savona said Italy should be allowed to spend the equivalent of this year’s estimated current account surplus, around 2.7 percent of gross domestic product, on new investments to raise economic growth. Savona also called for an increase in the powers of the European Central Bank so that it can be “the lender of last resort” for the eurozone. He said those who did not agree “don’t want a united Europe”
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