ROME (Reuters) - Italian Economy Minister Pier Carlo Padoan said on Tuesday he expects the European Commission to acknowledge efforts to cut its budget deficit and make economic reforms as the government seeks to pull the economy out of a deep slump.
Padoan told and economic conference the commission should base its evaluation of a country's balance sheet not only on the basis of "thresholds" but also on the "internal logic of strategies, and so I expect that our important efforts to improve the balance sheet...and make structural reforms to be recognised".
At the behest of the commission, Prime Minister Matteo Renzi last month announced an additional 4.5 billion euros (4 billion pounds) in cuts to next year's budget but last week an EU source told Reuters that the commission may seek further cuts.
Renzi is pushing to loosen labour rules and make sweeping reforms to the public administration and justice system to underpin future growth and end the country's third recession in six years.
Italy's economy, the euro zone's third biggest, probably will shrink again in the fourth quarter, Padoan said.
(Reporting by Giuseppe Fonte; writing by Steve Scherer)