The first paragraph has an introductory function in which Trichet and Draghi explain the current situation in Italy to the Prime Minister Berlusconi.

The second paragraph has the function of thesis: the goal is to restore confidence of Italian investors and this should only be done by the Italian authorities.

The third paragraph is a suggestion to the Prime Minister, that the state should enhance the reputation of its signature sovereign and his commitment to fiscal sustainability and structural reforms.

Trichet and Draghi wrote in the fourth paragraph that actually might be an objection because the Italian government has decided to aim for a balanced budget in 2014, and to this purpose, has recently introduced a fiscal package; but despite this, these measures are not sufficient.

The following paragraphs are all of the proposals made ​​by Trichet and Draghi, that are organized in different points.

In the first point, at the beginning, is explained in general the need for significant steps to increase the growth potential; after that this first point is divided into other points that list the various fields to improve:

a) is need a comprehensive, radical and credible reform strategy, including the full liberalization of local public services and professional services;

b) there is also a need for further reform of collective wage bargaining system allowing firm-level agreements to tailor wages and working conditions to firms specific needs and increasing their relevance with respect to other layers of negotations;

c) a careful review of the rules regulating the hiring and dismissal of employees should be adopted in conjunction with the establishment of an unemployment insurance system and a set of active labour market policies capable of easing the reallocation of resources the more competitive firms and sectors.

In the second point, at first, is explained in general the need to take immediate and decisive measures to ensure the sustainability of public finances; after that this second point, as the first, is organized into other points:

a) additional-corrective fiscal measures is needed;

b) an automatic deficit reducing clause should be introduced stating that any slippages from deficit targets will be automatically compensated through horizontal cuts on discretionary expenditures;

c) borrowing, including commercial debt and expenditures of regional and local governments should be placed under tight control, in line with the principles of ongoing reform of intergovernmental fiscal relations. 

In the third and last point, Trichet and Draghi also encourage the Government to take immediate measures to ensure a review of public administration in order to improve the' administrative efficiency and the ability to meet the needs of businesses.

The conclusion are the greetings by Trichet and Mario Draghi.