The text is a formal letter written by J.C. Trichet and M. Draghi and addressed to the Italian Prime Minister. It uses straightforward and specific language to outline the message.
The letter opens with an introduction where some background information about Italy's Government bond markets is given together with the reasonsfor writing it. Yet, the pressing action of the Governing Council is seen as essential for the confidence of the investors in Italy. The senders go on explaining their thesis, and namely that "Italy's need to urgently underpin the standing of its sovereign signature and its fiscal sustainability and structural reforms".

Therefore the steps taken by Italy are not seen as enough to get a balance budget in 2014.
The writers claim that some measures are needed as a consequence of the current juncture. First of all the potential growth has to be enhanced and deeply improved, in particularly increasing competition. This could mean improved public services. Also, the regulatory and fiscal system has to be designed to be come more suitable to support firms 'competitiveness and efficiency of the labour markets.

The economists develop the ideas drawing up a list of interventions that must be taken to fulfil such needs. First of all a credible reform strategy with a full liberalization of public services must be pursued,  the local ones, particularly.

Furthermore a collective wage bargaining system reform able to allow firm-level agreements to tailor wages and working conditions to firms' specific needs is urgently invited.

In addition, a review of rules regulating the hiring and dismissal of employees is needed. This should be inked to an unemployment insurance system and labour market policies that may easily reallocate resources to competitive firms and sectors.

They also claim that immediate and bold measures are needed to ensuring the sustainability of public finances. To support the idea they suggest some measures must be taken. Also, additional-corrective measures are needed to frontload the balanced budget by at least one year. This could be possible by a change in the pension system: a more tight eligibility criteria for seniority pensions and aligning the retirement age for women in the private sector with the one of the public system are suggested. Also, there must be a reduction in the public employees' cost, with strengthened turnovers and ,eventually, reduced wages. Furthermore an automatic deficit reducing clause has to be introduced and borrowing should be placed under control.

In addition, the senders claim that the measures proposed have to be taken immediately, possibly with decree laws with the deadline fixed by September 2011.

Finally, they ask that public administration has to be improved also using performance indicators. In addition, intermediary administrative layers have to be abolished.

The letter ends with the expression of a belief in the Government that they hope will act properly.

Vocabulary

To enhance = favorire,

To move in = muovere verso una certa direzione

Decisively = decisivamente

To challenge = sfidare

To design = progettare

to be suited to = adatto a,

To support = sostenere

Competitiveness = competitività

Efficency = efficienza

To this purpose = a questo scopo

To underpin = sostenere

To pursue = perseguire

To apply to = applicarsi a

To tailor = tagliare su misura

With respect to = con riferimento a

Trade Union = Sindacato

Hired by = preso in prestito da

Dismissal = licenziamento

To employ = dare impiego

Employer = datore di lavoro

Employee = impiegato

To froantload = anticipare

Aim = finalità

To achieve = raggiungere

To cut = tagliare

Eligibility criteria = criteri di accettazione

The retirement age = età del pensionamento

thereby = in modo tale

To strengthen = rafforzare

Wages = salario

Slippage = fuoriuscita qualcosa che va fuori

To borrow = prendere a presto

Turnover = ricambio

Discretionary = discrezionale

To lend = dare in prestito

In line with = coerenti con

To regard as crucial = riguardare qualcosa di importante

Severità = severità

Above = di cui sopra, in alto;

Decree laws = decreti legge

Ratification = ratificare

To tighten = stringere: