Italian Prime Minister Matteo Renzi’s cabinet is poised to pass tax cuts worth as much as 10 billion euros ($14 billion) and approve plans to overhaul the labor market, as he sets out to jump-start the euro area’s third-biggest economy.
Italian Prime Minister Matteo Renzi won his first confidence vote in the Chamber of Deputies, demonstrating the ability to build majorities in both houses of parliament even as allies expressed their doubts.
Italian Prime Minister Matteo Renzi’s government faces confidence votes in parliament this week, the first test since taking office for the 39-year-old who rose to power as a critic of the political establishment.
Pier Carlo Padoan, chief economist at the Organization for Economic Cooperation and Development, was selected to be Italy’s finance minister as Prime Minister- designate Matteo Renzi named his government team.
Italian President Giorgio Napolitano said he needs more time to choose the next prime minister after two days of talks with parliamentary groups, the biggest of which urged that Florence Mayor Matteo Renzi be named.