Italy's parliament approves economic package amid scepticism

ROME – The Italian parliament gave final approval late on Thursday to a package of support measures for the ailing economy, including a cut in energy costs for small companies and measures to spur lending to businesses.

The package, dubbed the "competitiveness decree" when it was presented by Prime Minister Matteo Renzi's government in June, got a lukewarm reception from business leaders who said it lacked a clear strategy and failed to address the real needs of industry.

Renzi is under growing pressure to take more decisive steps to overhaul the euro zone's third-biggest economy after data this week showed it fell back into recession in the second quarter.

The package underwent numerous changes during a difficult passage through parliament and finally passed by 155 votes to 27 in a confidence vote in the senate as the government tries to rush through legislation before the summer recess.

Among the more significant measures in the decree is a reduction in energy costs for small and medium-sized companies, a tax credit for firms that make new investments in machinery and new rules allowing insurers and credit funds to lend directly to business.


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Aaj Kal