This December, Italians will head to the polls to vote on the country's referendum on constitutional reform. Yet if the public votes against it, it will be seen as a "missed opportunity", Italy's finance minister told CNBC.
"If there is a 'No' vote — which I hope will not be the case — it will be basically a missed opportunity for the country," Pier Carlo Padoan, Italy's Finance Minister told CNBC Friday.
At present, any Italian law needs to be approved by both the Chamber of Deputies and the Senate, often resulting in delays in effecting new laws and reforms. However on December 4, the Italian public will get to decide whether they want to stick with the old or shake things up, by restructuring the legislative process by effectively reducing the second chamber's power.
If the country sticks to the existing system, the country will be stuck with the system's "many flaws", Padoan added, saying that the constitutional reform will be about making the system "more efficient, more stable and more long-term determined."