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July 02, 2014 AT 11:59 AM
Italy's Prime Minister Matteo Renzi kicked off Italy's six-month spell in the rotating presidency of the European Union with a fresh call for action to boost economic growth in the 28-member bloc. Renzi has led calls for Europe to move from budget austerity towards expansion but in his speech to the European Parliament in Strasbourg he repeated that Italy was a net contributor to the European Union budget and was not looking for "short cuts".