Giorgetti: 'Let's consider other avenues besides the pact derogation'. EU: 'We examine the Italian request'
From Paris, the minister announced that he would move towards renewing the fuel excise discount
Key points
From excise duties to the 'many ways' to activate the European safeguard clause on energy. Economy Minister Giancarlo Giorgetti, in Paris for the G7 Finance Ministers' Meeting, takes stock of the shocks that Italia is facing: between the Ukrainian energy crisis first and the Middle East energy crisis now, our case represents 'a unicum in the whole of Europe, together with that suffered by Germany' according to the titular of Via XX Settembre.
The Stability Pact negotiations
Let's start with the Stability Pact. There is not only the derogation option, according to Giorgetti, but 'there are many ways to get there, we are exploring them all. We are working on it, it is a complex thing, I believe there is no prejudice, there is an awareness of the exceptional situation, after which there are various forms, various ways, various possibilities, we are exploring them all'.
So what are the alternatives to the derogation? The minister replied that 'there are the relevant factors that are included in the discipline that should be taken into account, there is the updating of public finance trends, there are so many nuances and so many interpretations that with goodwill can offer success'. On the issue that prompted the Italia government to request the derogation, 'everyone is concerned, but they are concerned in their own way, because everyone has different situations. Ours is a particular situation: France has no problems because it sails above a 5% deficit, Germany has no problems because it sails above a 3% deficit but has a very low debt. Italia has a small problem, which is a very high inherited debt and with the real risk of raising interest rates we have to be very prudent and responsible in moving and deciding'.
From the EU: 'We examine the Italian request'
"We have discussed it" and "we are looking into the matter," replied European Economy Commissioner Valdis Dombrovskis to those who asked him whether the letter sent by Council President Meloni to EU Commission President von der Leyen was discussed in the bilateral talks he had with Economy Minister Giancarlo Giorgetti.
"In general," Dombrovskis added, "our policy recommendation is to take temporary, targeted measures to support the economy, which do not increase demand for fossil fuels. The problem is that we face a supply-side shock. If many countries support the demand side, we end up keeping energy prices high and spending a lot of money without getting much benefit. That is why we really have to think carefully about how to organise the policy response. Of course, on the Commission's side, we continue to follow the situation closely and we are assessing, in a way, what kind of response the situation requires and will require, and it is in this spirit that we are currently also assessing Italia's request."
