The complexity of the leading groups has declined in Italy in the last few years. Between 1990 and 2006 the average number of listed companies per group fell from 6.8 to 2.5, the number of layers of control diminished, and the control leverage decreased.
Although changes in tax law and in the rules on group transparency played a part, this reduction in complexity was mainly due to market pressure. It is above all the application of the rules on intra-group transactions and the protection of minority shareholders that still needs to be strengthened.