Italy to meet ECB demands for reform

ITALIAN Economy Minister Giulio Tremonti pledged to meet European Central Bank demands for sweeping economic reforms in exchange for help in shielding Italy from the eurozone debt crisis.

Tremonti told a parliamentary committee that the government was ready to take steps to liberalise the economy, but was still working out detailed plans for balancing the budget by 2013.

“We have to pass a very strong fiscal adjustment package for this year and 2012 and for the following year, 2013,” he said. “The detailed numbers are currently being worked out.