Banks, ECB criticizes extra-profit tax: letter to government arriving

The Eurotower does not agree with the method and contents of the decision by Giorgia Meloni’s government and the letter, signed by President Lagarde, should arrive at Palazzo Chigi within a couple of weeks. The ECB would complain that it was not consulted or notified in advance of the decision and would consider the measure harmful to the economy

The European Central Bank deviates from the choices of the Meloni government and says no to the tax on the extra profits of the banks. The ECB, as reported by Corriere della Sera, criticizes the merits and method with which the decision was carried out and is preparing to send the government a letter, signed by the president Christine Lagarde, which should arrive on the table at Palazzo Chigi and on that of the Treasury in a couple of weeks at the latest.

The critical points

In the letter, the ECB would first of all complain about the fact that it had not been notified of the decision to introduce the levy. The choice was not communicated in advance to the Bank of Italy either. Other critical points concern the substance of the tax: the Eurotower would consider the provision potentially harmful for the economy and credit, considering it an error to intervene by authority on the interest margins of banks without considering the costs and weakening the capacity of credit institutions to withstand any future shocks.