Rome

Audit Court urges aggressive growth strategies

'More ambitious targets' to fight recession

Audit Court urges aggressive growth strategies

(ANSA) - Rome, October 2 - Italy needs more aggressive growth strategies to offset the drop in the nation's aggregate demand, the head of the Audit Court said Tuesday. As sluggish demand drags down the national GDP, it is "necessary to strengthen the strategy for growth, focussing on more ambitious targets than those already adopted," Luigi Giampaolino told a joint session of the House and Senate budget committees. But cutting spending through austerity programs and raising taxes won't work in a recession, he warned. Such measures "are very expensive...and proved partly ineffective," because they drive down spending and demand in the economy. What would help is streamlining government administration to reduce waste and duplication, he added. "There is the need...to move with still more determination," in implementing such reforms, he said.

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