Energy, accounts alert: majority summit ahead of Dfp
At Palazzo Chigi Meloni meets Giorgetti, Salvini, Tajani and Lupi
After another day of swinging markets, the government and majority are trying to fine-tune the strategy for the next economic policy steps. In the late afternoon of Thursday, 2 April, the economy minister Giorgetti, the two deputy prime ministers Tajani and Salvini and the leader of Noi Moderati Lupi are in the office of the premier Meloni.
On the table, say Palazzo Chigi, are the contents of the Public Finance Document, expected in the Council of Ministers after Easter. It is too early for definitive numbers, also because much depends on the final word expected from Eurostat on the 2025 deficit, indicated so far by ISTAT at 3.1 per cent. But one fact is certain: the deficit target of 2.8% set for this year by the October programme risks turning out to be archaeological, after a month of war with Iran has radically changed the outlook, and the needs, of the economy.
The last measure 'with an unchanged budget' is the one scheduled for the morning of Friday 3 April in the Council of Ministers, with an additional EUR 500 million to extend the excise cut until 1 May and offer a month's tax credit (EUR 30 million in all) to farmers on their diesel purchases in March. But it is impossible to think that we can then stop.
The countermeasures for the energy costs of businesses and households remain to be constructed, after heating oil and fuels used by industry have already seen price increases of over 30%; and in such a scenario, the road back to the 2026 deficit above 3% of GDP seems obligatory.
Hence the reasoning that Giorgetti has been proposing to the Eurogroup and Ecofin since last week on the need to suspend the constraints of the Stability Pact, in light of the 'exceptional circumstances' that, according to the EU rules themselves, allow the opening of the accounts cage.
