Government, gas, maneuver and Ita: the challenges for the new Economy Minister

The first 100 days of the future owner via XX Settembre will be an obstacle course to achieve the goals

From a new bill decree to the Pnrr passing through the budget maneuver or the sale of Ita Airways and the capital increase of Mps. Upon his arrival in via XX Settembre, the new Minister of Economy will find hot dossiers on Quintino Sella’s desk while a very cold winter is expected due to cuts in Russian gas supplies for the war in Ukraine.

The first hundred days of the new minister will be an obstacle race in an attempt to overcome the possible difficulties and proceed quickly to the goal: the settlement at the Mef coincides in fact with the expiry of the support measures for families against the expensive bill, with the law and with the release of the third tranche of the EU Plan, one of the main deadlines.

DL AID QUATER – The fourth bill decree (after the first three of the Draghi government) would start with a dowry of about 9.5 billion to extend the support measures for families and businesses against expensive energy. First of all, it would be a question of renewing the measures of the Ter Aid dl: the bonus for employees and the self-employed, the cut in excise duties on fuels, equal to about 30.5 cents per liter for petrol and diesel and 10 cents for LPG which expires on 31 October . Then there would be the extension of the tax credit for companies currently ‘covered’ until November but also the possible payment in installments of bills or the moratorium to allow companies to have liquidity. And this is just to mention some interventions expected by the Meloni government.

RECORD TIMES PER MANEUVER – The next Minister of Economy will also have to draft the new maneuver in record time to allow the go-ahead in Parliament by 31 December. If it were to accept all the measures of the center-right program, from the flat tax to the strengthening of the wedge cut and pensions with the stop at Fornero, 30 billion would not be enough. Here the first electoral promise that should find space would be the workhorse of FdI, the incremental flat tax at 15%.

NEW TRANCHE PNRR – The third tranche of the NRP is worth approximately 19 billion euros and will be conditional on the achievement of 55 objectives, including 16 quantitative targets (a greater number than the two previous installments) by 31 December of this year.

ITA – The new minister will find himself grappling with the complex privatization of Ita Airways, after the start of the exclusive negotiation of the outgoing minister Daniele Franco with the Certares fund together with Delta and Air France-KLM. All in a gloomy context: in a context of fuel prices up by more than 110% due to the war in Ukraine, the airline is now struggling with half-yearly losses of more than one third of the capital. Hence the need to launch the second tranche of 400 million, already authorized by the EU, to restore oxygen to the company’s cash register especially in view of the hardest season for air transport, which is autumn-winter.

MPS – Spotlight on the 2.5 billion share capital increase of Monte dei Paschi di Siena. These are days and hours to bring the operation to fruition. The shareholder Mef, shareholder with 64%, will ‘pay’ 1.6 billion euros and work is being done to define private investors for the other 900 million. The goal is to start the capital increase on October 17 in order to proceed with the institution’s restructuring plan.