09/10/2011 06:49 EDT | Updated 11/10/2011 05:12 EST

Italian finance minister: further measures may be needed on top of current austerity package

MARSEILLE, France - Italy's finance minister says his country may have to take further austerity measures on top of massive spending cuts currently making their way through parliament.

Giulio Tremonti said Saturday "we have to do the inventory of the things we have done and check our progress and if needed we'll have to take further steps."

He was speaking on the sidelines of a meeting of the Group of Seven developed nations in Marseille, France.

Italy has found itself embroiled in the eurozone's debt crisis in recent weeks.

An austerity packages that seeks to slash spending by more than €54 billion ($70 billion) over three years is set to go to parliament's lower house next week after clearing the Senate.