The proposals are designed to remedy Italian prime minister Romano Prodi’s implementations in the 2007 budget, published in September 2006, after it came under attack by several powerful Italian interest groups.
The Italian government stated that it would revise the voting structure of Italian mutual banks that prevent acquisitions and abolish barriers that restrict entry to professions in law and accountancy.
Many banks have exploited the takeover barrier, by giving distributing shares to thousands of employees and customers, who in return vote in support of the banks’ owners. In a bid to remedy this, the government plans to impose a new rule allowing shareholders in mutual banks one vote each, regardless of the size of their stake.
In addition to the changes, the partly state-owned loss-making Italian airline Aitalia is expected to be put up for sale. The decision was initiated by Tommaso Padoa-Schioppa, Italy’s finance minister.
