Legislative harmonization will be a gradual process; it will therefore be best to follow a modular approach, starting with the easiest reforms and then gauging where there is room to tackle more ambitious challenges. The project is of major importance for Italy.
The creation of broad and efficient markets would offer firms, even the smallest of them, new opportunities for borrowing and for growth and investors a wider array of options. The issues of establishing credit ratings and standardizing corporate information are especially important.