Italy's Prime Minister Mario Monti said on Tuesday that Italy had a growth agenda but it will be effective within a context of policies that stimulate investment at the European Union (EU) level.

Monti was speaking in Rome at a forum entitled "Reform and growth: Italy's agenda for Europe" along with the Vice President of the European Commission and European Commissioner for Economic and Monetary Affairs Olli Rehn and some local experts.

He stressed that in the past months Italy has implemented a series of reforms requested by the EU aimed at balancing the budget, but what it especially needs now to boost stagnant economy is growth.

"Full and prompt fulfillment of the EU single market" can provide the necessary favorable context for growth, Monti said, as overcoming the crisis through development is not immediate but needs "actions on the European level."

Both Monti and Rehn agreed that fiscal consolidation should go forward, but now Europe is especially working to improve growth strategy and try to build a dynamic and inclusive economy.

"It is important to ratify the treaty on the fiscal compact and proceed with an agenda for robust growth," Rehn said, adding a spending review is needed to stabilize Italy's finances in order to support growth.

However, reforms conducive to balancing the budget should be followed by "an increase of investments through the adoption of new instruments such as project bonds," he added.

Eurobonds can be another useful instrument the EU is likely to adopt in the future, both leaders said calling themselves confident that a discussion on the topic will be opened in the next months.

Experts at the conference also highlighted the need to boost both private and public flows of capital necessary to stimulate growth, calling for the EU to foster investments despite its necessary budget obligations.

According to Pietro Ichino, a labor law professor at Milan University and a member of parliament's senate, Italy is in urgent need to start exploiting its huge potentials in attracting foreign investments able to generate additionally tens of billions of euros yearly.

A recent major labor reform aimed at easing the market should be accompanied by a simplification of labor laws that discourage many foreign companies from investing in Italy, he said.

When an economy is in difficult times, public investments are especially cut, but those aimed at stimulating growth should be still promoted, said the President of Italy's National Council for Economy and Labor (CNEL) Antonio Marzano.

"The paradox in Italy is that public debt coexists with an infrastructural gap," a problem which can be addressed only by reasoning in the long term, he said.