Italian reforms good start but more needed, says Gallo
Alberto Gallo, Head of European Macro Credit Research at RBS, was guest on CNBC's Closing Bell this week. He talked about the Italian government's announcement of new wide-ranging set of reforms.
19 June 2013
Alberto's view is that, on balance, the reforms are a good starter, but more importantly Italy needs to shake up its two-tier labour markets, where flexibility only applies to young employees. The government also needs to increase support to small businesses and recapitalise its weak banks, or resolve them.
Electoral reform will also be key to prevent another hung parliament at new elections, which our European credit strategy team expects next year. He also shared his views ahead of the two-day meeting of the Fed's Open Market Committee.
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