Matteo Renzi takes over as Italy's prime minister

|By:, SA News Editor

Matteo Renzi, the leader of Italy's center left Democratic Party (PD), has been sworn in as the country's prime minister following the ousting of Enrico Letta after Renzi repeatedly attacked the former PM for the slow pace of economic reform.

Facing public debt of €2T and a crumbling industrial base, Renzi has promised labor and tax reform, and cuts to the bloated public administration, as well as an electoral and constitutional overhaul.

However, whether he'll be able to enact the reforms is a different matter - the bureaucracy in Rome stopped Letta from implementing almost 500 pieces of approved legislation.

Renzi has named Pier Carlo Padoan, the chief economist of the Organization for Economic Cooperation & Development, as finance minister.

ETFs: EWI, ITLY, ITLT