ROME (AFP) - Italian Prime Minister Silvio Berlusconi said that Italy needed an "immediate action plan" to relaunch growth in a speech to parliament on Wednesday aimed at soothing concerns over a possible debt crisis. "We need an immediate plan of action which responds to the markets" that want to see that Italy take steps to attain growth needed to keep on top of its massive debt, he said. Berlusconi insisted that Italy had "solid economic fundamentals", a day after its borrowing costs soared to record heights and sparked fears across the eurozone that the debt crisis had not been contained. The premier said the government would need to approve "as soon as possible" fiscal reforms in order to have "a tax regime that is more favourable for families, workers and businesses." He also underlined the need for labour market reforms and competition. "Our country has a solid political system which has shown itself able to approve in only three days a manoeuvre of almost 80 billion euros," he added. The premier said the crisis "should be confronted with consistency and confidence, without bowing to the nervousness of the markets." But the head of the main opposition Democratic Party Pier Luigi Bersani said the premier had failed to come up with a concrete agenda to tackle the country's financial woes. "We're in a situation which you cannot describe as blue skies and a few clouds," he said, adding that the speech was without "merit." "Either you've got the wrong speech, or you've given it to the wrong parliament" he said. Italy has faced mounting pressure on the bond market, with investors concerned that it risks being ensnared in the expanding debt crisis despite wide-ranging budget austerity measures adopted last month. The premier had postponed his address to parliament until after the markets closed, despite a day of fervid speculation over the economic future of both Italy and Spain, which has also come under market pressure. Milan's main FTSE MIB stock market index closed down 1.54 pressure.