Italy is heading in the right direction, but structural reforms and stimulus need to go "much deeper," the country's former economic minister told CNBC.
"We can certainly be more optimistic because of ECB policy, QE (quantitative easing) is effective but…it's not enough," Corrado Passera, former economy minister of Italy, told CNBC Friday.
"We now have a situation which can push the economy. But we need much more - we need more economic stimulus and much deeper structural reforms."
Speaking to CNBC on the sidelines of the Spring Ambrosetti meeting at Lake Como, Italy, Passera said that while Prime Minister Matteo Renzi talked a lot about reforms, not much was actually being done.
"He's announcing a lot of things but the content of these reforms is not courageous enough and forget about implementation for the time being," he said. "That's a real problem…there needs to be more attention on execution."