Under the regulations, clubs would only be allowed to spend what they earn from the 2012-13 season onwards. But Galliani claims clubs who earn more can spend more, leaving those who earn less with a disadvantage when it comes to the transfer market.
"Financial fair play hurts Italy. There will no longer be the patrons who can intervene," he told Sky Sport Italia.
"In the Champions League semi-finals there is Real Madrid, who turn over the most [money], Barcelona, second, and Manchester United, third. Until now people like [Silvio] Berlusconi and [Massimo] Moratti would be able to support this, but with the fair play it will no longer be possible.
"Real Madrid make €450 million [£397m] and they can spend that, Milan makes half, and we will only be able to spend that."
AC Milan are currently leading Serie A, ahead of Napoli by three points, and they clash with Sampdoria this weekend.