More listing, more growth

Italy's stock market is structurally undersized relative to the national economy, with approximately 400 listed companies and a market capitalisation equal to 47% of GDP, well below comparable European peers such as France (107%), the United Kingdom (130%) and Sweden (185%). Closing this gap is not merely a capital market objective; it is a strategic economic policy choice with measurable, cumulative benefits for growth, employment and fiscal sustainability.

Expanding the market to 1,000 listed companies and a capitalisation equal to 100% of GDP is estimated to deliver:

• a GDP growth increase of +0.95%
  

• a tax revenue increase of +2.09%

• an unemployment reduction of 1.93%.
  
  

Even at 80% of GDP, benefits remain economically significant, suggesting gains begin to materialise well before the full target is reached. The opportunity cost of maintaining the status quo is substantial and accumulates over time.

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The research conducted by SDA Bocconi proposes six policy levers to fill this gap:

1. Channelling retail savings: introduce simple, transparent and tax-efficient investment instruments aligned with the European Commission's Saving and Investment Accounts recommendation to structurally shift Italian household portfolios toward equities.
   
   
2. Mobilising institutional investors: expand the funded pension component, promote automatic enrolment in supplementary pension funds, and gradually relax equity allocation constraints for pension funds and insurance companies.
   
   
3. Incentivising listings: establish a structural fiscal framework, a transparency premium, covering listing and ongoing compliance costs; make the IPO bonus permanent and replicate regional initiatives such as Quota Lombardia and Quota Liguria at the national level.
   
   
4. Deepening the market ecosystem: strengthen the network of investment banks, brokers, analysts, asset managers and market makers, with targeted public-private support for financial research on small and mid-cap companies.
   
   
5. Proportionate regulation: build on the Capital Markets Law (2024), the TUF reform, the EU Listing Act (2026), and CONSOB and Borsa Italiana simplifications, applying proportionality principles to SME disclosure and governance requirements.
   
   
6. Cultural transformation: promote financial education, showcase listed family-company success stories, and reposition listing as an instrument of long-term growth and wealth preservation rather than a loss of control.