Any regulatory reforms in response to the global financial crisis must not restrict the spirit of free markets, Italian Prime Minister Silvio Berlusconi says.
"The rules that are being proposed involve more transparency, more regulation, but they cannot result in an excessive invasion by the state in the economy,'' Mr Berlusconi said on Friday night in Washington.
He was speaking before leaders of advanced and big developing economies met in Washington for an emergency summit on the financial crisis.
US President George Bush has also sought to play down calls for sweeping regulatory reforms by some other leaders.
Centre-right Mr Berlusconi, echoing comments by other officials attending the the Group of 20 meeting, said he did not expect definitive measures to emerge from the summit but leaders would meet again in mid-February.
As well as new financial regulation, the leaders are set to discuss ways to boost their economies to help reduce the risk of a deep global recession, and ways to give emerging economies more of a say at institutions that oversee world finance, such as the International Monetary Fund.
Mr Berlusconi said measures to help companies and families in Italy could be approved by the government's cabinet next week or by the end of November at the latest.
"We have lots of different measures but we must maintain a balance in respect of the state finances and the needs of families,'' he said without providing details.
Italy's government is considering ways of underwriting debts of banks, making it easier for them to lend money to Italian business and consumers, officials have said.
Reuters
