Prime Minister Silvio Berlusconi has promised to step down once the package receives final approval from the Chamber of Deputies, or lower house.

Friday's stock rise was led by Telecom Italia, which has announced a sharp rise in profits for the third quarter. Shares in the telecom giant were up 4.08 percent at 0.8805 euros.

Italy's biggest banks, UniCredit and Intesa Sanpaolo, rose 1.85 percent and 1.36 percent.