Tomorrow, Antonio Tajani will be in Sardinia to participate in Forza Italia’s regional congress. In this interview, the Deputy Prime Minister and Minister of Foreign Affairs will discuss about the international situation, ongoing conflicts, and the measures the Government plans to take to avert the risk of recession.
Minister Tajani, perhaps this time we could be closer to an agreement between the US and Iran, Trump has announced that he is ruling out further attacks. But Hormuz will certainly not be cleared soon. The impact of this traffic disruption on European economies could be long-lasting. The Government has extended the measures relating to excise duties. That’ll be enough, but until when?
“All too often we have deluded ourselves into thinking that peace in the Gulf was within our grasp. But I want to be optimistic: I hope that the agreement between the US and Iran is truly reached and will last over time. We will only be able to make a political assessment in a few days’ time. But in the meantime, the Italian Government must continue to intervene on the negative economic impact of disruptions in the Strait of Hormuz. Of course, the necessary ‘buffers’ can only provide temporary relief from the economic burden of this disastrous war. However, the Government has managed to hold constructive and successful talks with the EU, which will provide us with EUR 15 billion over three years for investment in renewables and energy in general – a move that will free up further resources. Europe’s openness is a positive thing: it confirms that, whilst Europe may sometimes follow its own rather enigmatic paths, it is not an enemy, nor is it hostile. Europe is a lifeline for the national states, it is a powerful source of support. We need to be aware of and comply with the rules, and engage in dialogue with Brussels”.
In Ukraine, peace, and even a ceasefire, still seem a long way off. The three Ambassadors from France, Germany and the United Kingdom were received yesterday at the Ministry of Foreign Affairs in Moscow, where they attempted to initiate negotiations. Is that a credible move? The Russians have already criticised their offers. Is not Italy annoyed by this arrangement in which three countries seem to want to lead Europe?
“Peace may still be a long way off, but things on the ground have been changing over the past few weeks. Ukraine has not only demonstrated incredible military resilience, but has also been able to disrupt Moscow’s military plans by striking from a distance. The path of negotiation must be pursued with realism and intelligence. The E3 initiative is a first step, but it is not enough and will certainly need to be extended to other European countries. A more effective format in my opinion is the E5, also with Poland and Italy offering the point of view of a decisive country in Eastern Europe and one on the southern front. The European Union must also be fully involved, and the EU Commission and the Presidency of the European Council are also included in the E5 format. The key is to work out how to bring President Putin to the negotiating table, and how to spot signs of weakness in Russia in order to persuade it to abandon its stubborn and violent course”.
In recent days the bank risk has reactivated, with the move by Intesa/Unipol regarding MPS. How do you feel about such a massive operation in terms of effort and consequences?
“The renewed strength of Italian banks and their financial ‘health’ has meant that, in recent years, politicians have increasingly refrained from interfering in their activities. I have always believed that the state should lay down the rules, but it should not also take the field to play the game, with one or the other team. Banca Intesa’s action will strengthen the stability of the Italian banking system, just as the actions of other European banks can help to do the same. For politicians and the Government, there is just one objective: to ensure that businesses, particularly small and medium-sized enterprises, have quick and secure access to credit. That is why I support large banking groups, but I also support small banks, the local ones that help small and micro-enterprises as well”.
Forza Italia has always been very careful about banks, to the extent that you have been accused of defending them too vigorously, on excess profits, for example.
“We defend the banks – or rather, the conditions under which banks can operate effectively in Italy – because they are the driving force behind our economy, our businesses and, consequently, employment. When we said that ‘excess profits’ are a Soviet concept (which, if implemented, would have caused banks to flee Italy), we did so because banks have to be taxed, but in accordance with tax regulations. The concept of excess profits, as if it were a theft from the citizens, is not acceptable”.
But how do you intend to involve them in shaping Italy’s economic policy?
“Working with them to create the conditions for the more than EUR 1.75 billion in savings ‘parked’ in Italians’ current accounts to be invested in the real economy. Italian investments in Italy. If every Italian were to find it worthwhile to invest EUR 10 for every 100 they have in the bank, we would have an additional EUR 175 billion in investment – the equivalent of a new NRRP every year. I’ve been saying this for days now: think about the role that professional pension funds could play: investing in Italy. We need to involve banks and financial institutions in a plan to make concrete the possibility of using Italian savings here. Our savings are our oil”.
The vote will take place in 16 months at the latest. Apart from this idea of using Italian savings for Italy, what else do you propose?
“In the meantime, we will raise the threshold for the IRPEF tax relief to EUR 60,000, to the benefit of the middle class. We want to reduce the taxes paid by young people, thereby effectively increasing their wages. We must also start by reducing the tax burden on thirteen monthly salary, starting with the lowest wages”.
Forza Italia was founded as the party that represents businesses, both large and small. How do you plan to maintain the consent of the producers?
“We have always supported those who take risks, set up businesses and create jobs. Businesses start out small, but they need the scope to grow and become key players in the economy, even on the global stage. And in this regard, the role of the banks is crucial: they should pay their taxes in full, but they should not be the target of widespread criticism. The real driver of the country’s prosperity is exports, which account for over 30 per cent of our GDP, continue to grow despite international crises, and are approaching EUR 650 billion. Next year, we could reach 700 billion. But for businesses to really take off, they need capital, a skilled workforce and, above all, a Government that isn’t hostile, one that isn’t bogged down by excessive bureaucracy and high taxes”.
Controversy has recently flared up again over a proposal that Elly Schlein appears to have shelved: that of a ‘wealth tax’.
“We are firmly opposed to the wealth tax. It would affect assets on which a tax has already been paid – tax which, let us remember, is progressive and therefore increases as income rises. There are already 13 different types of ‘wealth tax’, ranging from vehicle tax to taxes on current accounts and financial products. But then: as soon as new taxes of this kind were introduced, those targeted by them – the wealthiest individuals – would simply pack up and move abroad, relocating to a European country where taxes are lower. That would be a foregone conclusion. And we also say ‘no’ to any suggestion of increasing inheritance tax”.
The crisis in Hormuz continues: where will you find the money to keep funding the reduction in excise duties?
“We certainly can’t introduce any more taxes. In 2025, Italian public spending amounted to over 1,150 billion, equivalent to 52% of GDP. That’s a huge sum, which I think would be enough if it were spent more wisely and made more efficient. This is everyone’s responsibility, including the Regions and Municipalities: we must not waste public money, which is, after all, the Italian people’s money”.
Could increasing the public deficit be a way of making workers’ wages more burdensome?
“It is true that taxes on labour are high, which is why we have reduced the tax wedge. We can certainly use the deficit to fund support measures. Wages rise when the economy is strong and businesses are thriving. Weak businesses pay low wages; strong businesses can pay high wages. Wages in exporting companies are generally higher than average. That is why we also need proper training and new technologies. Fair pay is the result of pragmatic policies, not ideological shortcuts such as the minimum wage. And any further increase in debt will mean Italy has to pay ever-higher interest rates to service it”.
