Translated automatically by AI from the Italian original.
BANGKOK / ROME – Confirmation of the fiscal intervention on the banking sector to fund the next Budget Law comes directly from the International Monetary Fund summit in Bangkok. The Economy Minister, Giancarlo Giorgetti, has dispelled recent rumors by confirming that the Government will ask financial institutions to make a sacrifice to balance the public finance accounts.
The bank levy and the spread dilemma
Answering journalists on the sidelines of the IMF meetings, the head of the MEF outlined the executive’s approach, downplaying fears of a punitive crackdown but standing firm on the need for a contribution:
- A sustainable contribution: “I confirm that a contribution will be requested from the financial system because we believe it can afford it, and in the forms we deem appropriate it will be something sustainable,” Giorgetti explained.
- Banks and BTP stability: The minister recalled the two-way link between the banking system and Italian public debt, stressing that “keeping the spread under control is in everyone’s interest,” given the billions of euros in government bonds held on bank balance sheets.
- On legal threats: Regarding possible bank lawsuits, Giorgetti dismissed the issue pragmatically: “All Italians could take the State to court for raising taxes. We will try to calibrate the right thing to do; I don’t think anyone will die.”
The IRPEF puzzle: “Choice between selective or across-the-board cuts”
Beyond the revenue from the banking sector, the Economy Minister also addressed the tax chapter and the IRPEF reform, leaving the discussion open with the governing majority:
“As for IRPEF, to the extent that all the pieces of the puzzle these days are making room for interventions, the big choice we face is whether to make selective or across-the-board interventions. It is not right for the minister alone to decide; we will assess this together with the parties, the leadership and President Meloni,” the minister emphasized.
Giorgetti finally concluded with cautious optimism about the evolution of public finances: “Two weeks ago I had a picture of revenue and expenditure; now I am not saying I am optimistic, but we are moving in the right direction.”
