to tailor: tagliare su misura
trade union: sindacati
with respect to con rispetto
through: in generale
to employ: impiegare/dare lavoro
to set: fissare
unemployment: disoccupato
to hire: dare in prestito
policy: politica perorata da parte di una persona/partito
politics: scienza politica
poitician: uomo politico
to easy: facilitare
to allocate: collocare
take a measure: prendere una misura
insurance: assicurazione
to ensure: assicurare
to consider essential: considerare fondamentale
to frontload: fronteggiare/ anticipare
the aim: la finalità
via/through: attraverso, per mezzo di
expenditure cuts: tagli alle spese
further: ulteriormente
elegibility criteria: requisiti necessari
saving: risparmi
thereby: in modo tale
In addiction, besides, then, furthermore: poi, in aggiunta
to consider significantly: considerare importanti
to strenghten: forzare
wage: salario, paga
slippages: fuoriuscite
to borrow: prendere a prestito
tight control: sotto stretto controllo
to lend: dare a prestito
debt: debito
in line with: coerente con
ongoing: in corso di svolgimento
key challenges: sfide chiave
to design: progettare
to applay to: applicare a
need to further: bisogno ulteriore di
to be suited to: essere adatte a
to this purpose: per questo scopo
underpin: sostenere
to move in: muoversi verso
to be under discussion: essere sotto discussione/analisi
enhance: favorire
decisively: in modo decisivo

ANALYSIS

The text is a formal letter, send to Italy's Prime Minister from the Governing Council of the European Central Bank and it is about Italy's economic policy.
Furthermore it explain what measure Italy should take to avoid the catastrophic default.
The first paragraph, after a general introduction in which Jean Claude Trichet and Mario Draghi presents the purposes of the letter, is about the first and most important steps to let Italy handles the negative trend.
As regard these, the Governing Council focuses on competitiveness, better fiscal system, quality of public services. To this aim, they counsel Italy about a large scale privatization.
In addiction the Governing Council highlight the collective wage bargaining system problem: Italy should give more attention to the first agreement and consequently give it more relevance. They point out the good start of June the 28th agreement between trade unions and industrial business associations.
More over, Italy has to review the rules regulating the hiring and dismissal of employees.
The second paragraph introduces specifically the new ways to overcome the deficit. In particular, the Council suggest to reduces wages of politicians and public workers, to make more stringent the eligibility criteria of pension system, to equalize age of retirement of women working in the private sector as women working in public sector, to do a strengthening turnover in public offices.
It also should cut or place under tight control regional and local governments.
In conclusion the Council encourage the Italian Government to immediately take measures to easy the rapports among commercial partners and to improve efficiency of administration.
The last few lines express one more time how BCE considers decisively these Italy's reforms: if it doesn't do something, no illusion can be made: the country will collapse beyond a doubt.