	italian panel urges exchange liberalization liberalization of italy s foreign exchange controls should be gradual but also reasonably rapid a report issued by a study committee nominated by the italian treasury ministry said the report looking at the country s financial development prospects said italy s large public sector deficit and growing public debt were among the considerations that made a gradual liberalization preferable the report also favoured retention of the lira s six pct oscillation band with the european monetary system ems during the liberalization process in order to lessen short term domestic interest rate fluctuations which could result from portfolio adjustments the lira s fluctuation margin is currently significantly higher than that allowed for other ems currencies italy has over recent months announced a series of deregulation moves in response to a european community directive aimed at creating a genuine common market in goods services and finance by reuter 
