Italy needs to develop its risk capital market in order to channel resources to create new enterprises, according to the American ambassador to Rome, Ronald Spogli.
''Unfortunately, Italy does not have a well-developed risk capital market and thus it has an enormous quantity of private capital which cannot be funneled to create rapid-growth new enterprises,'' the ambassador observed.
Spogli made his remarks at a ceremony marking the opening of the academic year at the Turin Polytechnic.
Speaking to the students on the world economy, the ambassador defended the benefits of globalisation and the free market system and said: ''I hope you agree with me in believing that your aspirations for a full and gratifying life depend on greater freedom, greater confidence and greater opportunity''.
