Italian Competition Authority Chairman Antonio Catricala on Tuesday urged an 'injection' of market competition as the best antidote to the economic crisis. 'Italy cannot pay the price of anti-competition policies anymore,' stressed Catricala during a parliament audition on the annual competition report, according to a statement by his office. In the report, he backed the government's decision to launch a new era of market deregulation but said time had come 'to pass from words to actions' by means of an 'annual competition bill,' similar to the budget plan, that granted greater economic freedom and competition to Italy, thus giving oxygen to the country's slow and uncertain recovery. The sectors badly in need of revamp were the postal services, transports, energy, insurance and the banking system. In Italy, Catricala observed, 'we pay 28 percent more for electricity, 6 percent more for bank loans and 100 percent more for car insurance compared to the rest of Europe.' Curbing such costs will thus have a beneficial breathing effect on the country's 'industries and economic sectors, reduce prices and boost consumer spending,' he said. For Catricala, one of Italy's major problems is the overwhelming bureaucracy that suffocates entrepreneurship and obstructs investments. He agreed with Economy Minister Giulio Tremonti to launch a series of reforms aimed at 'guaranteeing the right of anyone to do business without being weighed down by red tape' by easing the numerous restrictions on small and medium-sized enterprises (SMEs), craftsmen and researchers. 'There is an urgent need to allow new and existing businesses to expand and produce wealth. As it stands now, the current market framework is hostile to free enterprise and must be changed,' he concluded. 