Tajani: the government should not interfere in the banking sector; the market is sovereign. “I am strongly opposed to taxes on windfall profits”

‘It is the market that reigns supreme and must decide what is to be done. It is not for the government, nor for politicians, to meddle in the banking sector. Politicians must lay down the rules, ensure they are adhered to, and that is all.’ So said Deputy Prime Minister and Foreign Secretary Antonio Tajani, on arriving at the Rimini Meeting, when asked about his government colleague, Matteo Salvini, who yesterday – also speaking at the traditional CL gathering – had said that “breaking up Monte would be a crime”.

“I’m in favour of the free market,” Tajani now retorts, “we don’t need party-affiliated banks. I’m not interested in having a Forza Italia bank, but rather in having an efficient banking system. We support local banks, which are the ones that help 4 million small and medium-sized enterprises and help families access credit,” just as ‘we are keen to have a banking system that also includes large banks capable of supporting major international transactions – in other words, a financial sector that can also help our business sector to expand internationally’. But this is ‘a system; it is not for politicians to decide who should do what’.

‘I believe we can also make progress by discussing and engaging with the business community, particularly in the hydrocarbons sector. I am utterly opposed to any suggestion of ‘extra profit’ or taxes. Just hearing the word ‘taxes’ gives me hives. It is right that there should be a dialogue and a contribution, as we have done with the banks and the insurance companies. In these difficult times, there must also be a concerted effort on the part of companies in the sector. But I don’t want to hear the term ‘extra profit’ – it smacks of the Soviet Union to me.” These were the words of Deputy Prime Minister and Foreign Minister Antonio Tajani.