The letter would be leaving and would not contain tender words. Sender the European Central Bank, addressees Palazzo Chigi and the Ministry of Economy. The item? There tax on bank profits approved by the Council of Ministers on 8 August. The brings it back Corriere della Sera, according to which the arrival of the letter would be "a matter of days, a couple of weeks at the most".
Tax on extra profits: the letter from the ECB
The letter would express a "clear censure" to the provision which, according to the number one of the European Central Bank Christine Lagarde, could be “potentially harmful to the economy and credit”. Furthermore, according to the ECB, it would be wrong to intervene by authority on banks' interest margins, "because costs are not considered, and their ability to withstand any shocks is weakened", writes the Courier.
The criticisms would also concern the method followed by the Government. The disputes, in this case, would relate to the failure to communicate in advance to the Bank of Italy and to Frankfurt. Furthermore, according to the ECB, it would be wrong to intervene by authority on banks' interest margins, "because costs are not considered, and their ability to withstand any shocks is weakened", writes the Courier.
There are also doubts about the decision to allocate the proceeds of the tax to general budgetary objectives and not to strengthening guarantees on deposits or funds for bank resolutions.
The Sun 24 hours however, it reports that “this is not an initiative” from Frankfurt. President Lagarde received last week (and therefore subsequently) "the official request for consultation" from the Italian Minister of Finance, according to the provisions of European legislation which establishes that national authorities must consult the ECB "on any draft legislative provision which falls within its competence under the Treaty" and, in particular, also as regards "the rules applicable to financial institutions insofar as they affect the stability of such institutions and of the financial markets".
Divided majority on the tax
The letter from the ECB could further heat up the discontent within the majority. If Meloni has claimed the maternity leave of the tax, Forza Italia has criticized the provisions on several occasions, gradually raising the tone. A few days ago, the Foreign Minister Antonio Tajani he anticipated: “We will present amendments to Parliament. I believe that an understanding can be reached” with the rest of the government, “we want to reach an understanding because we believe that a well-written law can help families, businesses, consumers and small shareholders and not put the banking system in difficulty, especially that part which it is not subject to control by the ECB”.
