To underpin: sostenere To support: sostenere
Package: compravendita Wage: paga
To this purpose: a questo scopo Key challenger: sfide chiave
To enhance: favorire To be suited to: essere adatti a
To move in: muoversi verso Competitiveness: competitività
Efficiency: efficienza Via: attraverso (formale)
To labour: prestare manodopera To apply to: applicare a
A need to further: un bisogno ulteriore To tailor: tagliare
With respect to: con rispetto per Thorough: complessivo
To hire: prendere a prestito Employee: impiegato pubblici
Employer: datore di lavoro Unemployment: disoccupazione
Set/range: gamma To set: fissare
To allocate: collocare Insurance: assicurazione
To consider essential: considerare importante Aim: finalità
To frontload: anticipare To achieve: raggiungere
Expenditure cuts: tagli alla spesa Eligibility criteria: condizioni per...
To aligne: allinearsi Thereby: laddove
To save: risparmiare To consider: prendere in esame
Significantly: in modo significativo Turnover: ricambio
To be under discussion : discutere qualcosa To reduce: ridurre
To slip: scivolare To borrow: prendere a prestito
To lend: dare a prestito In line with: coerenti con
Ongoing: in corso di svolgimento In view of: in vista di
To regard something crucial: considerare qualcosa importante
The topic is under disscussion: l'argomento in considerazione
Policy: politica perseguita da una persona Politics: scienza della politica
Politicians: uomini politici Trade unions: sindacati

2- Letter structural analysis .

On August the 5 th, 2011, the European Central Bank sent a letter to Italian Prime Minister to discussing the crucial issue of Italy finances.
This letter opens with an introduction where it is stated Italy needs a more careful political economy to improve its finances. The letter goes on explaining what the Euro area Heads of State or Government decided during the 21 July 2011 summit: every European State restated its economical commitment about the balance budget and Italy must do the same. It was praised its first manoeuvring regarding balanced budget within 2014 and the fiscal package, but it's necessarily a more radical swifter efforce to avoid the economic fall.
On pursuing this, the Council suggests to Italy some measures, divided into three paragraphs in the letter.
In the first section, there are the measures to increase Italy potential. The means to realize this are the increase of competition (it urges to improve the services) and the efficiency of the labour market, in order to increase firms' competitiveness with the consequent increase of production.
The first point of this section deals with the full liberalisation of local public services and professional ones with privatization in order to cease to private customers the responsability and the expenditures of these services. This must be done in view of an improvement of all these.
In the second point a collective contract reform is under discussion. For the Council is necessarily to establish wages suited to every single firm. Some trade unions share this point of view.
In the last point of this paragraph, the laws of hiring and dismissal are dealt and it's suggested a reform making the world work ensured from unemployment and it adds an easier reallocation to further improve competitive firms.
In the second paragraph some measures for public finance are suggested.
First of all, it's necessarily to achieve a balanced budget earlier intervening with expenditure cuts (income mustn't exceed expenditure) and it's also considered essential to postpone the retirement age, not only for public employees, but also for women working in private sectors. The Council considers crucial also a cut on public wages and an efficient turnover system to guarantee a good service.
In the second point it is stated every expenditure getting over must be compensated with horizontal cuts in order to not delay the balance budget achievement.
At the last point, the Council suggests a careful control on regional and local authorities expenditures.
The third paragraph is an invitation to Italian Government to apply swiftly this measures establishing them as decree-laws, in view of avoid the long discussion in Parliament. It's also suggested to use performance indicators in some important istitutions as instruction, health and judiciary system. It's consdered essential unifying provinces in order to limit the espenditures.
The letter ends with the sincere hope the Italian Government uses these measures for the State improvement. The letter has got the signatures of the actual president and the vice-president of European Central Bank, Jean-Claude Trichet and Mario Draghi.