Tajani stops Giorgetti on banks: "There's no need for pinching."

MILAN – Deputy Prime Minister and Forza Italia leader Antonio Tajani stopped Economy Minister Giancarlo Giorgetti from pressuring Italian banks with a "little pinch" to pass on the benefits of the narrowing spread to families. From the Rimini meeting, the day after Giorgetti's comments, the Forza Italia leader insisted: "Banks are businesses. I don't think we need to pinch them, but we need to talk to them, because a country like ours cannot do without a strong banking system."

It's like revisiting the film that aired a year ago, when the majority was divided over the idea of ​​introducing a contribution from companies that had recorded extraordinary profits in the last two years, starting with banks whose financial statements had benefited from the rapid rise in ECB interest rates. Even then, Tajani had clearly led Forza Italia (FI ) along the lines of a "no" to the idea of ​​taxing so-called "excess profits."

Today the same old story comes up again. But let's rewind. The reason for Tajani's remark lies in his speech at the Giorgetti Meeting broadcast on Saturday : connected remotely, with a smile on his face, the Minister of Economy spoke of this "little pinch" for Italian financial institutions that benefit from the narrowing of the spread and the improvement in the national rating, but must ensure that this translates into "concrete benefits for families."

Giorgetti's reasoning is that, despite a spread that has fallen to a 15-year low, just above 80 basis points, the full fruits of the work on public finances have not yet been fully realized. This is partly because "the official rating does not fully reflect how Italy is perceived globally and on the markets." But also because the improving overall picture for Italy has not yet filtered through to households and businesses: this is why Giorgetti is encouraging banks, which have been posting record interest margins for two years and can now obtain financing on "more favorable terms."

Tajani, however, disagrees. "Be careful," he said today, "hunting down the bank means hunting down the Italian industrial and entrepreneurial system. " Therefore, "it's right that banks pay their taxes and contribute, but without raids or bizarre operations. I don't think we need any bribes. What we need instead are serious rules and discussion."

Among the topics discussed was that of social security. On this point, Giorgetti had asked supplementary pension funds to "look more to Italy rather than abroad, investing in long-term infrastructure." Tajani said: "I'm not in favor of demonizing the social security funds. Attacking social security funds means attacking professional associations. I am completely against it, and as long as Forza Italia is in government, there will be no entry of private funds into the INPS, because that's something a statist country does. Any temptation will be rejected." He continued: "I defend the social security funds of the professions because I defend the liberal professions, which, in a country like Italy, represent a fundamental guarantee of employment, growth, and the social fabric." In short, "no pinching of the banks and no attack on social security funds. I will defend them to the end because they represent a pillar of the middle class, a pillar of self-employed workers, a pillar of the professional world."

Among other points Tajani touched on was his belief in the free market with respect to MPS's takeover bid for Mediobanca : "I believe in the free market, therefore, I don't believe the government should intervene in this or that transaction. The important thing is that market rules are respected." He also called for the ECB to intervene to counter the euro's appreciation: "With the dollar continuing to fall, and if it reaches 1.25, it will be difficult for our companies to export, especially to the United States, we must intervene: we need shock action from the European Central Bank, we need new quantitative easing."