The government of Mario Draghi has established a monitoring agency to oversee Italy’s ambitious 248 billion euro reform plan, including how to spend billions of euros in EU pandemic relief funds, and has issued a series of objectives. Measures to curb bureaucracy and accelerate infrastructure development.

The new “Technical Secretariat” will report to the Prime Minister’s Office, will last for five years, and will be one of several governance bodies set up by Draghi’s National Unity Alliance to oversee the expenditure of 205 billion euros in EU grants and loans. The European Union’s Coronavirus Recycling Fund.

The agency was established by a cabinet decree. By surpassing the union’s life, the union’s term must end before 2023 after the next general election in Italy at the latest. Once the former European Central Bank president resigns as prime minister, it will reduce the uncertainty of the reform plan.

After the collapse of the previous Italian government, Draghi was asked to form an emergency government in February. It is not expected that he will continue to serve as prime minister after the next general election.

DraghiOld congressman In April, the “destiny” of the third largest economy in the Eurozone and its “credibility and reputation” as the founder of the European Union depended on the success or failure of reforms. These goals are aimed at revitalizing an economy that has not only been hit by the pandemic, but has seen little real growth since the turn of the millennium.

Italy will receive one of the largest share of the European Union’s 750 billion euro “Recovery and Resilience Plan”, which was launched last year to help member states recover from the pandemic. Other funding for the reform plan will come from the state budget.

Since taking office, Draghi has been Announced plan Thoroughly improve the country’s notorious bureaucracy and legal system, and invest EU funds in infrastructure projects, climate and environmental initiatives to achieve the digitization of economy, education, and health.

Rome has promised that the European Commission will establish a governance mechanism to monitor its spending plans before releasing EU funds, and it is expected that the first payment will be issued to Italy this summer.

The Italian Cabinet approved the decree on Friday night, which established a mechanism for the Ministry of Finance to regularly inform the European Commission of the progress of reforms and investments. It also provides the Ministry with a new anti-corruption function, which will focus on preventing fraud and monitoring conflicts of interest.

The decree includes a number of measures to speed up public works (including the construction of high-speed rail). Depending on how quickly the contractor completes the project, they will also receive bonuses and fines.

Other reforms include reducing the maximum time for the Italian authorities to approve the installation of telecommunications infrastructure from six months to 90 days, and taking measures to make it easier for companies executing public contracts to hire subcontractors.

Draghi appointed many non-political figures to play important roles in his government, including technocrats and politicians from most of the country’s largest political parties.

They include Draghi’s close allies, such as the former deputy governor of Italy’s bank, Daniele Franco, the minister of economic affairs, and Vittorio Colau, the minister of technological innovation and digital transformation of the former Vodafone chief executive.