«I am not confident, I am hopeful for Italy and the Italian Republic.» From Dublin, on the sidelines of the Eurogroup, the Minister of Economy Giancarlo Giorgetti reflects on the possible exit of Italy from the EU excessive deficit procedure, pending the revision of the 2025 deficit expected on September 22. «It is not a decision we make: it is a decision made by Istat,» he emphasized, quoting coach Boskov: «The penalty is when the referee blows the whistle».
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Excess profits, «consensus will broaden»
On the agenda of today’s informal Ecofin, the Twenty-Seven have the possible taxation of excess profits of energy companies, which Italy had urged at the European level in a letter signed together with five other countries. Giorgetti said he is sure that consensus around the proposal «will broaden», even if the Economy Commissioner Valdis Dombrovskis reiterated that the matter is «in the hands of the Member States: they can decide to tax them. If necessary, we are ready to discuss it and help them» design ad hoc measures, but at this stage we do not foresee a proposal at the EU level».
Energy «a genuine emergency»
Speaking via video link at the Portofino Talks, Giorgetti reported that in his speech at the Eurogroup he called everyone’s attention to the issue of energy, «which I consider a genuine emergency» both from an economic perspective and in terms of competitiveness. «Italy is a manufacturing country, Germany and Italy are two countries that still today need a lot of energy to satisfy this economic vocation and this is a serious problem that is beginning to afflict our industry».
Debt burden «worryingly rising»
The other alert launched by the public accounts minister concerns interest rates, «or rather the debt burden which has begun to rise worryingly in relation to many situations. I observed – he explained – that inflation derives from a supply shock, not so much from overheating of the economy and demand that must be cooled with restrictive monetary policy. This can contribute, but by itself does not solve the problem. Inflation is destined to increase and this is a problem for families and businesses».
Stamp duty cut with PNRR savings? «They are national funds»
Giorgetti also returned to comment on the abolition of the car and motorcycle stamp duty decided by the Government for 2027. «It caused more uproar than a 40-50 billion tax cut,» he joked. While he stopped any European intervention on the coverage, identified from PNRR savings, after a Commission spokesperson this morning had emphasized that the intervention will be examined within the framework of the next European Semester 2027. «The savings on loans that Italy has had with the PNRR are national funds, not European resources,» the minister stressed. «They are State budget resources: the Government and especially Parliament dispose of them as they see fit».
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