ROME: Prime Minister Mario Monti called on Thursday for more measures to boost growth in Europe and said an austerity plan set to be approved by senators would allow Italy to hold its head high internationally.
"There is no growth without financial discipline, there is no stability with accounts that are not in order but that is not enough," Monti told senators.
"The choices made by all the members of the European Union have to be to pursue the objective of stable growth, employment and cohesion," he added.
The former European Union commissioner, who replaced Silvio Berlusconi last month, also urged Italians to buy sovereign bonds after a wave of financial market panic that has raised fears of an imminent blow-up on Italian debt.
Monti told senators ahead of a final vote expected at around 1400 GMT that the austerity measures were "a decree of extreme urgency" and would allow Italy "to confront the very grave European crisis with its head held high."
He said the situation remained "critical" and underlined the importance of measures to boost growth, a day after new data showed the economy contracted by 0.2 percent in the third quarter putting Italy on the brink of recession.
"There is still enormous work to be done to free the Italian economy from the brakes that have held back growth for too long," he said.
The government is planning an overhaul of the labour market and a reform to liberalise protectionist lobbies such as taxi businesses and chemists but is facing trenchant opposition from centre-left parties and powerful trade unions.
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