The Financial Times took aim at the
economic policy of Premier Giorgia Meloni on Saturday,
describing the introduction of a windfall tax on banks' profits
as its "biggest blunder so far".
In an article titled 'Italy's disastrous bank tax', the London
outlet said the move, announced following a cabinet meeting last
Monday and partially reversed following the hostile reaction of
bankers, investors and economists the following day, has brought
the government's economic record "under harsh and justified
scrutiny".
"The incoherence and shortcomings of the Meloni government's
economic policies are now there for everyone to see," read the
article, citing analysts and experts and saying the executive
"avoids serious economic reform, has no taste for market-based
competition and panders to the voters and special interests that
form the base of its support".
Last week's announcement of a new 40% windfall tax on banks'
surplus profits caused immediate stock market turmoil.
The losses were partially reversed after the government said the
windfall tax would be capped at 0.1% of institutes' assets, but
skepticism remains, with Moody's saying Thursday that the
measure is "credit negative".
The Financial Times added that until now much of Meloni's
economic policy "has gone under the radar".
"One reason is that, instead of concentrating on the coalition's
economic policies, many commentators have chosen to focus either
on its foreign policy or on its rightwing cultural agenda at
home," the paper said.
"But any assessment of a government's overall performance must
take into account its economic record," it added.
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