As a 33-billion euro austerity package of tax rises and spending cuts gets the stamp of approval from Italy's parliament, a warning from the country's new technocrat leader that Europe cannot solve its problems through short-term discipline alone.
Speaking at a conference commemorating the life of former Italian finance minister Tommaso Paddoa Schioppa who died last year, Italian PM Mario Monti urged European policy makers to find longterm sustainable solutions to the debt crisis.
His warning against an excessive focus on feeding short-term rigour is largely seen as a swipe at Germany which has pushed for debt-saddled countries to reform and save their way out of crisis.
Bank of England Governor Mervyn King and ECB chief Mario Draghi were also in attendance for the occassion, celebrating the life of a man often regarded as a father of the common currency.
Ciara Sutton, Reuters
