On Friday, Prime Minister Mario Monti proposed a set of plan to infuse oxygen into debt-stricken Italian economy. Among his proposed plan are € 7.1 billion investment in infrastructure, adding 500 new notaries and speeding up country’s legal system, issuing 5000 pharmacy licenses to encourage new business, giving freedom to gas stations to select their providers to encourage competitions, making natural gas prices more competitive and removing bottle neck in public work projects. The Italian Prime Minister earlier had to climb down on his plan to issue new taxi licenses following days of frequent taxi strikes around Rome and other cities.
The set of package proposed by the Mario Monti on Friday was his second attempt as Prime Minister to boost up economy in Italy. His first attempt was on last month when he announced € 30 billion austerity plan. Monti believes that inadequate infrastructure, red tape and too little competition are the main enemies of progress in Italy.
The latest measures that are soon going to come before the parliament is keen to end “protectionist practices” enjoyed by taxi drivers, lawyers, pharmacy owners, among others in Italy. This is believed to jump start the Italian economy on the right path and bring down its €1.9 trillion economic debt.
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