Rome, May 2 - Italian Premier Enrico Letta said on Thursday that Italy's taxes are too high and need to be cut without loosening taxation regulations. "Italy has a tax burden which is absolutely unsustainable," Letta said. "The burden needs to be lightened without loosening tax regulations". Letta also spoke about the European tour which led him to Brussels, Berlin and Paris this week saying he "tried to understand the margins for action" of his government which will need to deal with Italy's longest recession in 20 years. In the joint press conference with OECD Secretary-General Angel Gurria, Letta stressed the need "to recuperate lost time" between Italy's inconclusive general elections at the end of February and the formation of a left-right government which was sworn in on Sunday. "The moment has come to make up for lost time," he said. "I tried to meet in just a few hours as many people as possible to try and understand what margins we have for action".