Diagnostic study on the Italian capital markets and access to finance

The Commission and the OECD supported the Italian authorities in their efforts to promote the development of their domestic capital market.

Context

With the Capital Markets Union (CMU) agenda initiated by the Juncker Commission, the EU has made the development of capital markets - and hence the growth of non-bank financing on the balance sheet of European firms - one of its top priorities. This project supported the goals of the CMU initiative in Italy.

Support delivered

The findings of the capital market diagnostic carried out as part of this project put forward specific proposals for promoting new listings in the Italian stock market, particularly in its regulated segment, and for increasing its visibility and attractiveness for investors. It also included suggestions for enhancing the role of the regulators to facilitate companies’ access to capital markets.

Results achieved

The study supported by the Commission identified a number of procedural and regulatory barriers hindering the full exploitation of the potential of the Italian capital market. The process of lifting these barriers has now started and will strengthen the Italian firms’ ability to raise non-bank financing (both equity and debt), which will eventually increase their resilience and growth potential.