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Monti said he sees direct links between limiting financial market contagion and promoting growth. The Italian lower house on Thursday gave final approval to a package of labor reforms that includes hotly contested measures to make it easier to fire workers but also incentives to encourage more long-term contracts and open the job market to youths. The International Monetary Fund says labor market reforms could boost Italian growth. "The government wants to give faith to the youth, that they feel that Italy is being governed for their well-being," Monti said after the vote. The governor of the Bank of Italy noted earlier Friday that Italians under age 25 have been hit particularly hard by the crisis. Youth unemployment has risen to 36 percent in March from 28 percent last July. That compares with an overall increase to 10 percent from just over 8 percent. Ignazio Visco told an annual meeting of shareholders that the contraction of the Italian economy can be contained to 1.5 percent this year. Visco said the economy could show some signs of recovery toward the end of the year depending on the effectiveness of structural reforms, better use of public and private resources and greater European cohesion in attacking the financial crisis. The government expects the economy to contract by 1.2 percent this year.
[Associated
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