WEF 2015: End red tapism or Europe 'will be finished', says Italian Prime Minister Matteo Renzi

DAVOS: Striking a note of caution, Italy's Prime Minister Matteo Renzi today said Europe needs to eliminate red tapism "or it will be finished".

Speaking at the 45th World Economic Forum Annual Meeting today, the Prime Minister said the next 12 months would be critical for the European Union.

"Europe must eliminate the red tape of bureaucracy or it will be finished," Renzi said.

According to Renzi, investment plans mooted by European Commission President Jean-Claude Juncker to boost jobs, growth and investment, announced last November, must be implemented.

Renzi also pointed to "the new role" for the European Central Bank, which is expected to unveil a plan this week to boost the Eurozone's flagging economy.

Besides, the Prime Minister asked politicians around the world to "carpe diem (seize the day)" and tackle complex risks head-on.

"Not to see the risks is stupid for a politician, but the transformation of risks into opportunities is the quality of leadership," Renzi said.

"The economy is important, but without political leadership, we are not in a condition to invest in a different world," he added.

He also said that it was significant to "show the real importance of a very strong idea of Europe around the world" amid turbulent geopolitical context, involving countries such as Iraq, Libya, Russia, Syria and Ukraine.

If structural reform is reinforced by a "change of mind of European people" and the need for a new international order, it will be possible to help these unstable countries solve their problems.

"A lot of instability in Libya can be [dangerous] for every country in Europe...it is a place where we can receive a global attack," he said.

Talking about Italy, Renzi said: "My country is famous around the world as a country of division. We want a new vision, not division; a renaissance".

"I am not here to present a future of tomorrow for my country. The future is today, not tomorrow. Italy [for my children] will be an innovation lab, not a museum," he said.