Vocabulary

Key challenges=sfide chiave

Decisively=decisivamente

To move in= muoversi verso una certa direzione

To enhance=favorire

To this purpose=a questo scopo

To hire=prendere in prestito

To employ=prendere a lavorare

Employee=dipendenti pubblici

Employer=capo

To take a measure=datore

The aim=la finalità

Eligibility criteria=condizione per partecipare

Retirement age=età di pensionamento

To consider=prendere in esame

To reduce= ridurre

To borrow= prendere in prestito

To lend=dare in prestito

In view of= in vista di

decrete-law= decreto legge

Ratification=ratifica

To regard smth excrucial= ritenere qlcs importante

In line with=coerenti con

Clause=clausula

Turnover rules=regole del ricambio

Thereby=in modo tale

To cut=tagliare

To achieve=raggiungere

To consider essential=è importante

Insurence=assicurazione

To ensure=assicurare

Capable=capace

Pilitics=scienze della politica

Policians=uomini politici

Unemployment=disoccupazione

To increase= aumentare

To improve=migliorare 

To design=progettare

To support=sostenere

Competitiveness=competitività

Efficiency=efficienza

Labour markets=mercato del lavoro

To tighten= stringere

Above=sopra senza contatto

On going=in corso di svolgimento

To slip=qualcosa che scappa fuori

To strenghten=rafforzare

Saving= risparmio

To save= risparmiare

To achieve= ottenere

To aligne=allineare

Via (through)=attraverso

To front law=anticipare

Sustainability (well being)=sostenibilità

To reallocate=ridefinire la distribuzione

To allocate=collocare

Set=gamma

To apply=applicare

A need to further=un ulteriore  bisogno

To allow=permettere

To tailor=tagliare su misura

Thorough=complessivo

Analysis

The text is a formal letter written by The Governing Council of the European Central Bank to the Prime Minister on August 5th, 2011. It consists of 11 paraghraphs, it also presents three main points (1,2,3), the first two have other minor points (a,b,c).

The first paragraph has an introductory function, it introducts the content of the letter, that is The Governing Council of the European Central Bank informes the Prime Minister about the discussion on August 4th, the first one considers that a strong action by the Italian authorities is very important to re-establish the investors' confidence. 

The first point reguards the growth. The balance budget isn't sufficient in 2014, the aim is a better deficit through the medium of cuts od budget. It's needed the full liberalisation of local public services and of professional services. There is also a need to reform the collective wage bargaining system allowing firm- level. Also a review of the rules regulationg the hiring and dismissal employees. 

The second point is about the public finance. The Governing Council of the European Central Bank asks a balanced budget in 2013 intervening in the criteria for seniority pensions and aligning the retirement age of women in the private sector to that established for public employees and if necessary by reducing wages. It asks also horizontal cuts on discretionary expenditures. And regional and local governments should be places under tight control.

Finally, the third point is about public amministration. The government shoul take measures to ensure a major overhaul of the public administration to improve the efficiency and business friendliness.