Italy's labor minister says social welfare policies are essential in
addressing the global economic crisis. The minister spoke at the G8
Social Summit in Rome.
Labor Minister Maurizio Sacconi said
social welfare policies could act as the motor for economic recovery
because the task is to restore people's confidence in the future.
Ministers from the G8, which comprises Italy, Japan, the United States,
Germany, France, Britain, Canada and Russia are attending the Social
Summit meeting in Rome, as well as ministers from the G5, which
includes Brazil, China, India, Mexico and South Africa.
addition there are representatives from the International Monetary
Fund, the Organization for Economic Cooperation and Development and the
International Labor Organization.
Minister Sacconi insisted
people must be considered above all. Each action we take, he said,
even when we are thinking of the stability of banks must translate into
the well being of people. So if we support banks we do this so that
they in turn guarantee liquidity to businesses.
that the main priority is to guarantee the unemployed an income, but he
added there are other fundamental needs to be addressed, such as health
Speaking about the daily growing concerns over
the financial crisis, Minister Sacconi urged international
organizations to foster an optimistic outlook. Italy's Foreign
Minister Franco Frattini, who also addressed participants Monday, said
while there is cause for concern over trends in the labor market, it is
best to be cautious on interpreting employment figures.
Secretary-General Angel Gurria warned the unemployment rate among
member countries could approach 10 percent in 2010, compared with 5.6
percent in 2007, according to data to be officially released Tuesday by
the Paris-based organization.