Italy's cabinet approves regulatory reform bill

Prime Minister Silvio Berlusconi's cabinet approved a draft law on Tuesday 3 February to reform Italy's financial regulatory system, effectively leaving the Bank of Italy with a veto over banking mergers.

The bill, drawn up following the multi-billion euro scandal at food group Parmalat, will now go for debate to parliament, which could take weeks or months to put it on the statute books.

Economy Minister Giulio Tremonti had originally proposed a radical overhaul of Italy's financial checks an

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