Minister Tajani, Prime Minister Meloni said in an interview with Milano Finanza that bank risk players must strengthen the Italian economy, and that MPS – which has meanwhile launched two countermoves to defend itself against Intesa Sanpaolo’s Opas – must not be dismembered. Do you agree?
We are for the free market and satisfied with a strong and dynamic Italian banking system, able to move in the single European market. Its liveliness is good for the economy. It is not the role of policymakers to intervene in individual market initiatives, but to enable the system to function with good rules.
What do you mean by good rules?
I mean that we need local banks capable of supporting Italy’s 4 million small businesses, protecting the territories and avoiding bank desertification. In all the locations, we at Forza Italia fought for local banks, cooperatives, mutualistic and BCC, a fundamental garrison for families, craftsmen, professionals and entrepreneurs.
What do you think of Intesa Sanpaolo’s Opas on MPS?
I do not think it wise to interfere with market operations. Politics must protect general interests and establish rules. Then it must give operators freedom of choice and action. Anything that strengthens the banking system, increases loans for households and businesses, reduces their costs and interest and takes account of territories is a step in the right direction.
- Do you consider Unicredit’s Ops on Commerzbank positive?
- The free market principle also applies to the European system. We need global banks that can finance large investments, such as AI, and compete with American and Chinese giants.
Deputy Prime Minister Salvini is asking for a substantial contribution from the banks for the next manoeuvre. Do you think the government will launch this measure?
We are opposed to the very concept of extra profits. It is not conceivable that the State should arbitrarily determine what a legitimate profit is and from what level it becomes ‘non-profit’ to be superbly taxed. How can we hope to attract foreign investment to Italy if some politician or ministerial official can decide a threshold – on what basis, then? – beyond which, what you have earned is too much? And that’s after we’ve already paid our taxes. Moreover, banks could react to reduce costs by reducing loans and raising rates, to the detriment of account holders.
How, then, can we get the bank contribution to the economy?
Agreements have already been reached with the banks that provide for a contribution on a three-year basis. We are for dialogue, not to constantly change the rules every summer. The real point is that we need to release part of the more than 1,800 billion private savings in order to relaunch the economy. If only 10% were invested, we would have EUR 180 billion more. But this must be done based on the savers’ own free choice.
What can you do in practice?
It is up to us to create the right conditions, including through tax incentives. I am asking the Italian Banking Association (Associazione Bancaria Italiana, ABI) to convene a round table to explore measures to support families, businesses, young people, and retirees.
You are about to present the last Budget Law before the election. We start with EUR 14 billion plus another EUR 14 billion more flexibility for energy measures: what kind of manoeuvre will it be and what will it aim at?
It is good that the EU has granted this flexibility. The Italian request was supported by the entire European EPP, of which FI is a member. This allows us to address energy costs and free up resources for other challenges. We do not start from scratch: with us the economy has always grown, even more than France and Germany. We have record numbers of people employed, record exports, and a record-high stock market; unemployment is at its lowest level in decades; the spread on government bonds is below 100 points; and we have structurally reduced the tax wedge by EUR 11 billion per year. All in the context of wars and tariffs. Finally, we launched the ‘Libera Italia’ campaign for bureaucratic simplification, following the excellent work already done by Ministers Zangrillo and Casellati: excessive bureaucracy costs businesses over 57 billion a year in often unnecessary fulfilments.
Are you always in favour of a measure that deducts the thirteen monthly salary and reduces the tax burden on the middle class?
We want to reduce middle-class taxes and incentivize those who produce and invest: Irpefal 33% up to EUR 60,000. Then a structural incremental flat tax of 5% for all, applied to the increase in income compared to the one declared the previous year, also rewarding VAT numbers, craftsmen, and professionals. The principle is to encourage those who work, invest and produce more. The same applies to overtime and to the deduction of production bonuses.
It’s a big programme, but you’ll pull it off.
Work for Forza Italia is a priority, as is the right to a fair wage that will enable young people, in particular, to build a future for themselves, a home and a family. If wages are low, we need to reduce the taxes on them. And attract talent. We also want to reduce the thirteen monthly salary by up to 100%, if possible. And we propose immediate cashback on health care expenses. Currently, the 19% tax deduction is refunded the following year, whereas for tracked expenses, we want an immediate cashback deposit into the bank account: people who need medical care need those funds right away. And not least, the abolition of the vehicle tax.
Foreign Policy: when will the Ceuta crisis and the standoff with Spain and Germany end?
There is no standoff. All our choices are geared toward border security and internal security against the risks of terrorism. The priorities are the fight against irregular immigration and terrorism. We work in the interests of the citizens, never against anyone.
How can the Union be strengthened to make it weaker in the face of new nationalism?
With extraordinary reforms. Europe cannot remain stuck in the middle. The internal market must be completed through a banking union, a capital union, an energy union, and tax harmonisation. Institutional reforms are also needed. Unanimous voting hinders politics and the economy: if we had voted unanimously, we would not have approved the agreement with Mercosur. We must grant the European Parliament more powers, including the right to initiate legislation, and establish a single institutional leader by having the same person serve as both President of the European Council and President of the Commission. Finally, we must accelerate efforts toward a common defence, which strengthens the European pillar of the Atlantic Alliance. Italy is right to use Safe.
The Hormuz crisis continues, as does the war in Ukraine. Is there any hope of finally achieving peace?
We must work every day and never give up, just as Italy is doing. Rome is increasingly emerging as the capital of peace, hosting negotiations between Israel and Lebanon and the meeting of the Global Alliance for the two-States-for-two-people Solution.
Has the crisis with the US administration been resolved following the controversy between Trump and Meloni?
The NATO summit in Ankara reaffirmed the strength of the transatlantic relationship, a priority of our foreign policy. The relationship with the US has lasted for decades, regardless of who the president is. We are and will remain loyal allies, and we will always speak up with confidence about what we agree on and what we don’t. Only in this way can we collaborate without one party being subordinate to the other.
Despite tariffs and energy crises linked to wars, Italy continues to experience a boom in exports. What’s its secret?
It is the Italian industrial sector, which has successfully embarked on the path of internationalisation. As a government, we have increased public support. At the Ministry of Foreign Affairs, I pushed for a reform that gave the ministry two ‘heads’: alongside the traditional, political one, we established a Directorate for growth dedicated to exports. We coordinate the commitment of ITA, Simest, Sace and CDP, and we work together with Confindustria, associations and Chambers of Commerce. But at the heart of it all are the vision, commitment, and determination of our entrepreneurs—true ‘tigers’ of the export industry.
Shouldn’t more be done to reduce the high cost of gas and vacations for millions of Italians?
Oil price trends reflect global dynamics to which we respond within the limits of our budget. We must take advantage of the EU’s openness to nuclear power, increase internal competition among operators, and continually seek out new suppliers offering lower prices. We also need a stronger European policy on joint purchasing.
What are Forza Italia’s flagship measures for this fall?
Less bureaucracy, tax cuts for the middle class, incentives for producers and investors, dialogue with banks to mobilise investment, higher wages for young people, attracting talent, and universities playing an increasingly vital role as drivers of development. Not to mention priorities such as healthcare, the housing crisis, the South—which is showing significant signs of recovery—and infrastructure.
Meloni also told Milano Finanza that the conduct of Euronext’s French shareholders is being evaluated under the Golden Power regulations. What do you think can be done to restore the balance of power between Rome and Paris at Borsa Spa?
Forza Italia has always defended the role of the Milan Stock Exchange. Our economic capital simply must have a leading stock exchange that serves as a vehicle for promoting Italian companies and foreign companies operating in Italy. I am not opposed to using the ‘Golden Power’ to defend Borsa S.p.A. if necessary. There’s a national interest at stake.
The Lega is at risk of splitting. Are you worried about the government’s stability? Isn’t that a boost for Vannacci’s party?
It’s not my place to delve into the internal dynamics of an allied party, but the Lega is a long-standing component of the centre-right coalition founded by Berlusconi. We are different: we represent the moderate centre of the coalition, which is essential not only for the centre-right’s victory but also for Italy’s stability.
Are you satisfied with the appointments that have finally been made to the regulatory agencies, from Consob to the Antitrust Authority? What method will you use for ANAC?
The selection of the ANAC director falls under the authority of the presidents of the Chambers. As for Consob, I’m glad that Forza Italia’s position in favour of expert, credible, high-level leadership—that is not tied to any political party—prevailed. I have great respect for Professor Stazi, and I can see that he is already beginning to do his job well.
