ROME: Italy's economy needs a “legislative overhaul” to end 15 years of sluggish growth that have left young people with incomes below their levels in the 1980s, central bank governor Mario Draghi said Saturday. Draghi, a favourite to succeed Jean-Claude Trichet as head of the European Central Bank later this year, painted a stark picture of the state of the Italian economy where growth was a lower-than-expected 1.1 percent last year. “In Italy, growth has been languishing for 15 years now... the growth of the whole economy would benefit from a legislative overhaul,” Draghi told a conference in northern Italy, according to a text distributed by organizers. He also called for “bolder reform measures” to help businesses. Italy still stands out in all the international rankings for the burdensomeness of its bureaucratic obligations. – Agence France
