ITALY'S new Prime Minister Enrico Letta says his coalition government will act fast to reverse an austerity policy he argues is killing Italy and has called on Europe to become a motor for growth.
"Italy is dying from austerity alone. Growth policies cannot wait," Letta said during his inaugural speech to parliament on Monday, under the watchful gaze of European partners.
The recession-hit country, effectively rudderless since an inconclusive election in February, is under pressure to act fast to tackle social, economic and institutional ills.
The leftist moderate, who was sworn in with his cabinet on Sunday, promised to have results in 18 months or "take the consequences".
He said the economic situation in Italy - one of the first countries to fall prey to the eurozone debt crisis - "is still serious" and its two trillion euro ($A2.5 trillion) debt "weighs heavily" on ordinary Italians.
But he also looked to Europe, saying it was suffering from "a crisis of legitimacy and ... must become once more a motor of sustainable growth" - a reference to his aim to persuade Europe to reverse its disputed austerity policy.
The 46-year-old moderate from the centre-left Democratic Party said he wants to deal quickly with the social fallout of the longest economic slump in 20 years.
Investors appeared buoyed by the new leadership, with Italy performing well at its first market test, paying significantly lower rates to raise 6.0 billion euros at a five- and ten-year bond auction
Letta said the political class had to react to the growing anti-establishment voice in Italy, which was driven by anger over politicians' perks at a time of widespread financial difficulties.
The government's first act would be to cut the salaries of ministers who are also members of parliament, and are therefore currently eligible for two salaries, he said.
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