Monti compares productivity to Italian, German bond spread

Competitiveness of 'crucial importance,' says premier

Monti compares productivity to Italian, German bond spread

(ANSA) - Rome, September 5 - Italian Premier Mario Monti compared the difference between Italian and German productivity to the spread between their 10-year bond interest rates at a meeting with business leaders in Rome on Wednesday. "In addition to the spread between state bonds that negatively impact the cost of credit and business investments, the spread in productivity assumes great importance, which just as heavily affects business competitiveness," Monti said. Business productivity is "considered of crucial importance" to reduce internal imbalances in the eurozone, Monti added in a note distributed at the end of the meeting soliciting "social partners" like businesses and unions to commit to dialogue that leads rapidly to shared proposals. Monti also underlined that linking salaries with productivity, and reforms to contract negotiation, were among the European Council's June recommendations. Monti said little progress had been made on these fronts. "The government will continue to intervene in matters imperative for productivity and competitiveness, like infrastructure, innovation and research, tax simplification and efficiency of the judicial system," the note added. The premier also noted that there is "a goal to release 50 billion euros for investment" by the end of his government's mandate. photo: Italian Premier Mario Monti and Confindustria President Giorgio Squinzi.

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