Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Renzi: EU must 'change' austerity

Tuesday, Jun 24, 2014 - 02:03

With Italy taking over the EU presidency next week, prime minister Matteo Renzi calls for changes to Europe's austerity policies - and says discussion on the next Commission president can't ignore the result of last month's European elections. David Pollard reports.

▲ Hide Transcript

View Transcript

Al fresco Italy. Hard to believe it's still struggling out of recession. Or that 40 percent of its young people are unemployed. But without growth, Europe won't stand squarely on its feet again. According to prime minister, Matteo Renzi. SOUNDBITE (Italian) ITALIAN PRIME MINISTER, MATTEO RENZI, SAYING: "We need to say: Europe has to change its path or there will be no possibility of growth and development, because without reducing the number of unemployed, without being able to create wealth there will be no stability. We will go to Europe with this spirit." Renzi's preparing for Italy to take over the EU presidency - a role it assumes next week. The change of path he wants is one that eases away from austerity. But there's no question of changing the bloc's budget discipline rules, he says. Only of making greater use of existing scope for flexibility. That in exchange for the promise of reform - sorely needed in a country with public debt among the highest in the world. On another question vexing the EU at the moment - the likelihood of Jean-Claude Juncker as the next Commission president - Renzi had this to say. SOUNDBITE (Italian) ITALIAN PRIME MINISTER, MATTEO RENZI, SAYING: "Anyone who imagines that the democratic gap which has grown up in Europe would be filled simply by appointing Juncker or someone else as president of the Commission lives on Mars." In fact, it's Brussels at an EU leaders' summit this week where the matter will be contested. Renzi's words may provide a few crumbs of comfort for UK Prime Minister, David Cameron. His insistence that EU leaders vote on Juncker could set the stage for uncomfortable negotiations. And, it seems, leaves Cameron increasingly isolated in his opposition to the former Luxembourg PM. While, in his latest remarks, Juncker himself dampened any hope of a softening in EU budget deficit rules. SOUNDBITE (English) FORMER LUXEMBOURG PRIME MINISTER AND CANDIDATE FOR THE PRESIDENCY OF THE EUROPEAN COMMISSION, JEAN-CLAUDE JUNCKER, SAYING: "It will not be the case that the Stability Pact will be changed. It will be interpreted as is foreseen in the text version of the Stability Pact, like the amendment of the pact in 2005 made possible." It's not clear whether his remarks were aimed at Italy. He did add that one of his priorities would be to achieve a ''fair agreement'' with the UK.

Renzi: EU must 'change' austerity

Tuesday, Jun 24, 2014 - 02:03

Top News »

Money »

S&P 500 to new record on improving economy S&P 500 to new record on improving economy

Fri, Aug 29, 2014 - (2:31)

Finding meaning in the S&P 500 2000 mark Finding meaning in the S&P 500 2000 mark

Mon, Aug 25, 2014 - (2:35)

S&P falls back from record high S&P falls back from record high

Fri, Aug 22, 2014 - (1:35)

S&P 500 closes at new high S&P 500 closes at new high

Thu, Aug 21, 2014 - (1:24)

S&P 500 just shy of record S&P 500 just shy of record

Wed, Aug 20, 2014 - (2:23)

Apple hits $100 a share Apple hits $100 a share

Tue, Aug 19, 2014 - (2:06)

Nasdaq closes at 14-year high Nasdaq closes at 14-year high

Mon, Aug 18, 2014 - (2:23)

Putin puts Wall Street in buying mood Putin puts Wall Street in buying mood

Thu, Aug 14, 2014 - (2:10)

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, Jul 16, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, Jun 25, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, Jun 02, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, May 27, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, May 08, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, May 05, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, Apr 08, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, Mar 24, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, Mar 17, 2014 - (7:38)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, Jun 06, 2014 - (1:08)