In BIS central bankers’ speeches  5  turn, banks’ difficulties hit Italian firms strongly as they are generally more dependent on bank credit and less capitalized than their European counterparts. By favouring access to non-bank financing, CMU can complement legislative measures adopted over the last few years that are underpinning progress towards a stronger financial structure for Italian firms.
The introduction in 2011 of an Allowance for Corporate Equity and its further extensions have almost completely eliminated the previous fiscal incentive for debt; this should stimulate firms’ raising of equity capital. Also, new stock market listings have increased, the volume of bond issues has gone up, including for medium-sized firms, and the number of mini- bond issuers has been rising.