Italy's Fazio on regulation and supervision

In a speech on 'Regulation and supervision in financial markets' given on 19 November, Antonio Fazio of the Bank of Italy said the economy of the euro area is afflicted by a loss of competitiveness that reflects structural weaknesses in several fields.

"Productivity growth is unsatisfactory. It is necessary to remove the factors of an institutional, legal and fiscal nature that hamper flexibility in the use of labour and capital. In Europe the efforts to consolidate the public finances must be

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