informed after the decree – WWN

The European Central Bank has confirmed that in the coming days it will send the Italian government a non-binding opinion on the new tax imposed on banks, which continues to be debated by the same majority. The Ministry of Economy has specified that the opinion of which yesterday the Courier gave the news that he had been requested in Frankfurt by the minister himself, Giancarlo Giorgetti, last August 10th. Two days after the approval of the decree in the Council of Ministers, on the day of its publication in the Gazette.

Treasure: the rule has deferred effect

Although the Treaty provides that the opinion must be asked of the ECB on bills, therefore before their approval, including decrees, the Treasury maintains that the rule on banks has a deferred effect, and that therefore its can well be understood as a communication preventive. Regardless of the form, no one doubts that Frankfurt’s opinion will essentially be negative, in line with that expressed on all the proposals for extraordinary taxation of banks put forward by European governments. Just as no one doubts that the levy on extra profits will eventually be approved, exactly as other countries have done despite the ECB’s objections.

Taxes that impact on the profitability of banks

According to Frankfurt, these taxes impact on the profitability of banks, weaken the ability to absorb any external shocks and pose a potential risk to the financial system and the economy. The possible risks should in any case be evaluated first, and with very in-depth analyses. It is not known whether the government has made them, but certainly the market reaction to the decree was very negative, with the selling on banks resumed yesterday.

political reactions

The markets were right to protest about the almost 10 billion burned on the Stock Exchange following the news of the decree, so much so that Minister Giorgetti had to correct the boundary of the levy, which appeared to the markets more as a “proletarian expropriation” which a contribution underlines Paolo Barelli, president of the deputies of Forza Italia, who wants profound changes to the decree. National governments are autonomous, the ECB should remind Lucio Malan of Fratelli d’Italia to cut it short.

The hot front of prices

Another hot front, for the executive, is that of prices. Inflation in the Eurozone fell to 5.3% in July from 5.5% in June, but in Italy it is still at 6.3% and consumer prices of petroleum products continue to rise. Yesterday Altroconsumo launched a petition, already signed by almost 104,000 citizens, to ask the government to restore the cut in excise duties. The Minister of Enterprise and Made in Italy, Adolfo Urso, excludes it. The proceeds, he said, are used for the 2024 maneuver.