VOCABULARY:

 

to reallocate: ridefinire

capable of: capace di

policy: politica seguita da una persona (the liberal policy)

politics: scienza della politica (politics creates corruption)

politicians: uomini politici

set ; range: gamma

insurance: assicurazione

to take a measure: prendere una misura

unemployment: disoccupazione

dismissal: licenziamento

hiring: periodo di prova

a through: un complessivo

trade unions: sindacati

with respect to: rispettare

to tailor: tagliare su misura

to allow: permettere

a need to further..: un ulteriore bisogno di..

to apply to..: applicarsi a..

efficiency: efficienza

competitiveness: competività

to be suited to..: adatte a..

to design: progettare

to underpin: sostenere

to pursue: perseguire

to this purpose: a questo scopo

to enhance: favorire

to move in..: muoversi verso..

key challanges: sfide chiave

to increase: aumentare

to improve: migliorare

to ensure: assicurare

sustainability: sostenibilità

to consider essential: è importante

to frontload: anticipare

the aim: la finalità

to aim to..: essere finalizzato a..

to achieve: raggiungere

better-than-planned: migliore di quello pianificato

via (formale): attraverso

through (informale): attraverso

expenditure cuts: tagli alla spesa

eligibility criteria: condizione per partecipare

to aligne: allinearsi

the retirement age: età del pensionamento

public employees: dipendenti pubblici

thereby: in modo tale

to achieve: ottenere

in addition; besides; futhermore : inoltre

 to consider: considerare 

to strenghen: rafforzare

turnover rules: regole del cambio

wages: paga

clause reducing.. : clausola per ridurre..

to slip: scappar fuori

expenditures discretionary: spese discrezionali

to borrow (regolare): prendere in prestito

to lend (irregolare): dare in prestito

debt: debito

in line with: coerenti con

on going..:in corso di svolgimento

in view of: in vista di

to regard something: considerare qualcosa di importante

decree-law: decreto-legge

ratification: ratifica

by end: entro la fine

to tighten: stringere

TEXT ANALYSIS:

The text is a formal letter writes by The Governing Council of the Europan Central Bank to the Italian Prime Minister,published on the "Corriere della Sera".

The letter is divided into three points ; in the first paragraph Jean Claude Trichet and Mario Draghi explain the reason for writing. He discuss about the Situation in Italy’s government bond markets. The governing Council pressing action by Italian authorities is essential to restore the confidence of investors.

In the second paragraph they consider essential that Italy need to urgently underpin the standing of its sovereign signature and its fiscal sustainability and structural reforms. 

And in the third point, they make a list of the measures that Italy should consider.

these urgent needs are divided into three essential points:

-Competition increase, through a reform strategy,a further reform the collective wage bargaining system and a review of the rules regulating the hiring and dismissal of employees.

-Immediate and bold measures toensuring the sustainability of public finances: there is need of an additional-corrective fiscal measures. Intervene further in the pension system, reduce the cost of public employees,the introduction of deficit reducing clause and borrowing (commercial debt and regional and local governments expenditures) should be placed under tight control.

-Immediately take measures to overhaul of the public administration:with the purpose to improve administrative efficiency and business friendliness. it should be a systematic use of performance indicators (health, education and judiciary systems), a need to further to abolish or consolidate some intermediate administrative layers and moreover exploiting economies of scale in local public services.

Trichet and Draghi finish writing that they trust the government will take the appropriate actions, it's very important that Italy takes in consideration all these measures.