In this letter addressed to the Italian prime minister, Mario Draghi and Jean-Claude Trichet report the decisions of European Central Bank about Italian bonds. The structure of the text is argumentative.

 

The letter was written on the 5 August 2011 and starts with a salutation (Dear Prime Minister) and a short report about the background information (ECB council).

The senders go straight to the point expressing the main thesis: Italian authorities must restore the confidence of the investors and underpin its signature implementing structural reforms.

In fact the current situation is considered unsustainable.

The meant of this first section of the letter is to introduce the problem and explain the background situation.

The remaining part explains the 3 main problems/needs with the respective suggestions.

These 3 needs are:

To take measures

1) For a potential growth

2) To ensure the sustainability of public finances

3) To change the public administration

For each of these needs are suggested different measures to apply.

 

1^st need) To improve the quality of services and to renew the fiscal system

Suggestions:

   a) To provide a reform to liberalize public and professional services

   b) To reform the wage bargaining system

   c) To review the rules of hiring and dismissal of employees, the insurance policies for unemployed people

2^nd need) To ensure the sustainability of public finances

Suggestions:

   a) To add/correct the fiscal measures and to cut expenses

   b) To introduce deficit reducing measures

   c) To take under control commercial debt

3^rd need) To take measures to improve administrative efficiency and business friendliness, caring also about performance indicators.

The letter finish with the trust the Italian govern will take appropriate actions and with Trichet and Draghi’s signature.