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French Finance Minister Lemel also expressed similar concerns. Lemmel spoke publicly about the Italian recession when he arrived in Bucharest for the EU Finance Ministers'Meeting. The impact of Italy's huge public debt will also be discussed at the EU Finance Conference. The outflow of Italian skilled workers has led to massive public debt in the country.
Moscovic said there were predictions that Italy might fall into recession this year. "These data need our close attention," he said.
Earlier this week, the Organisation for Economic Cooperation and Development predicted that Italy's economy would shrink by 0.2% this year.
Moskovic said that the European Commission will issue a new economic forecast on May 7. Estimates released by the European Commission in February show that Italy's economic growth rate is expected to be 0.2% this year.
He said the new EU forecast would acknowledge the current economic slowdown, with the greatest impact on Germany and Italy in the 19-member eurozone.
Giovanni Tria, Italy's finance minister, said Italy's economic woes were the result of weak economic growth in Germany and Europe, but refused to give new estimates of Italian growth.
The Italian government's latest forecast of 1% economic expansion this year is too optimistic for most economists, because the suspect European government in Italy has embarked on big spending plans that have little effect on growth.
"We have to be very careful about this situation, but not too alarmed," Moscovich said.
Bruno Le Maire, France's finance minister, expressed concern about Germany's slowdown and Italy's recession, saying that the future of the euro zone would be at stake if reforms were not agreed quickly to reduce differences among the euro zone's economies.


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