The letter is written by Jean-Claude Trichet and Mario Draghi. It is addressed to the  Italian Prime Minister.

In the first part the writers explain that the Governing Council of European Central Bank discussed of the situation of Italy's government bond markets. The Governing Council considers essential to restore the confidence of investors.

In the second paragraph the two economists remind Italy's  and all European States' shared decision to honor the commitments to sustainable fiscal conditions and structural reforms. They add that the recent Italian fiscal reforms do not suffice.

In the remaining part of the letter  the writers illustrate the essential measures to adopt. The first is to improve potential growth. The Government must increase competition in services to improve the quality and to design an efficient fiscal system in relation with labour market. Furthermore they suggest three main actions: first to create a far-reaching and credible reform strategy including full liberalization of public services, second make a reform of the collective wage bargaining system and third a review of the rules regulating the hiring and dismissal of employees is recommended.

The second point expressed by the two economists is to take rapid and bold measures in favour of the sustainability of public finances. Their first proposal  is for the Government to adopt necessary fiscal measures where the principal interventions should be dircted to pension system with eligibility criteria for seniority pensions. After that retirement age of women should be defined also in the private secto and reductionof  the cost of public employees should be pursued. Reduction of the slippages from deficit targets that determinate cuts on expenditures are also to be encouraged. Third advice is given for the control of all the expenditures of regional and local governments.

The third measure is that of assuring a major overhaul of public administration in order to improve its efficiency and business.

The last part expresses the writers'  confidence in the future actions of thwe Italian Government to improve the economic situation.