Vocabulary:
to challenge:sfidare

decisively: in modo decisivo

to enhance: favorire

to apply: applicare

to support: sostenere

to be suited to: essere adatto a

to this purpose: a questo scopo

to move in: muoversi verso

to allow:permettere

to tailor: tagliare su misura

with respect to: rispettando
trade union: sindacato

thorough: complessivo

to hire: assumere

dismissal: licenziamento

to employ: dare impiego

employee: dipendente

unemployment: disoccupazione

insurance: assicurazione

set/range: gamma

policy:politica seguita da una persona...

politics: scienza politica

politicians: uomini politici

capable of: capace di

to ease: facilitare

to allocate: collocare

to take a measure: prendere una misura

to ensure: assicurare

ensurance: assicurazione

frontload:anticipare

default: bancarotta

aim: finalità

to achieve: raggiungere

better-than-planned: meglio di quello pianificato

via: attraverso

expenditure cuts: tagliare la spesa

to align: allineare

retirement age: età del pensionamento

thereby: laddove

saving: risparmio

in addition/besides/furthermore: inoltre

strenghten: rafforzare

turnover: ricambio

wage: salario

to slip: scappar fuori

expenditure: spesa

to borrow: prendere in prestito

to lend: dare in prestito

debt: debito

in line with: coerente con

ongoing: in corso di svolgimento

in view of: in vista di

to regard as crucial: considerare importante

decree-law: decreto legge

to ratificate: ratificare

to tighten: restringere

to overhaul: revisionare

commitment: impegno

to exploit: sfruttare

STRUCTURAL ANALYSIS
The text is a formal letter adressed to the Italian Prime Minister and written by Jean-Claude Trichet and Mario Draghi, both Governing Cuncil of the European Central Bank representatives.
The senders open the letter with an introduction, explaining the reason why the letter was written: the council thinks it is essential a pressing action to restore confidence in investitors.
Moreover, the council considers Italy's main aim is to reinforce sovereign signature and commitment to fiscal sustainability and structural reforms. The senders also add the fiscal package introduced by italian government isn't sufficient to reach a belanced budget within 2014.
It follows a list, divided in points, of the measure to be taken.
First point topic is the increment of competition and a better fiscal system. In order to do this, italy have to make a reform strategy, to reform the collective bargaining system and to review the rules regulating the hiring and dismissal of employees.
The second point deals with the measures to protect public finances consisting on fiscal measures, intervenction in the pension system, deficit reducing clause and a tight control of the borrowing.
The measures illustrated in these two point, Trichet and Draghi write, have to be ratificated by the Parliament by end September 2011 and if it possible would be useful to tight fiscal rules.
The third point is to applied immediately and it is about public administration overhaul which means an improvement of the administrative efficiency and business friendliness.
The letter ends with a short conclusion highlighting the Council trust on the Italian Government.