ECB's Visco says austerity should be avoided where not necessary

Bank of Italy Governor Ignazio Visco on Monday criticised countries that adopt restrictive fiscal policies when they are not necessary, in an apparent dig at Germany.Speaking at a book presentation in Pisa, Visco said austerity policies adopted by Italy in 2011 and 2012 were necessary to restore market confidence during a debt crisis, even though they depressed the economy.Many Italian economists criticise Germany for its large trade and budget surpluses, which they blame for depressing the econ