Italy's Renzi calls for Europe to change course on austerity

June 25, 2014 5:12 AM

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Italy's Renzi calls for Europe to change course on austerity

ROME (Reuters) - Italian Prime Minister Matteo Renzi called on Tuesday for a change of course in Europe, saying that austerity policies on their own could not guarantee fiscal stability in the face of rising unemployment and economic stagnation.

Speaking in parliament ahead of this week's European Union summit, Renzi said Italy was not asking for a relaxation of EU budget rules but for existing rules to be flexibly applied in exchange for commitment to a package of domestic structural reforms that Italy would achieve by 2017.

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