In disposing of their holdings in banks, the foundations and public entities fostered the creation of stable core groups of controlling shareholders. Mergers and acquisitions have resulted in the number of banks operating in Italy falling from 970 in the mid-1990s to 785; 443 are mutual banks.
The recent sharp increases in global food prices have underscored the importance of reducing barriers to trade in agricultural products. Reducing such barriers was one of the key subjects of the latest set of talks in the Doha round, and I am disheartened that this round of talks collapsed.