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Italy finally has a Prime Minister who is prepared to implement structural reform in a country that has been blighted with inefficiency and bureaucratic sclerosis for decades. Mario Monti’s cabinet is about to pass a law which will cut through many of the administrative burdens weighing on the private sector in the hope of boosting productivity. Hundreds of laws will be abolished and many others will be re-drafted with the aim of simplifying life for the corporate sector.
The Prime Minister has been a busy man. Last month, he implemented budget cuts worth EUR 20bln in an attempt to stabilise concerns over Italy’s public finances. He has also passed a major piece of legislation which opens up to competition various (formerly) closed professions such as taxi-drivers and notaries. His government is also talking to the big unions about relaxing Italy’s archaic and restrictive labour laws.
Although the economy is suffering it is definitely the case that Monti is moving Italy in a positive direction.
