Italian Prime Minister Meloni’s cabinet unexpectedly approved a tax on banks’ “extra profits” this year.
The tax will bring in more than 2 billion euros ($2.2 billion) to the state coffers, according to ANSA news agency.
Italian Deputy Prime Minister Matteo said Italy had agreed to “take 40% of the extra billions of euros in banks’ profits” in 2023, which would be used to cut taxes and support mortgages for first-time buyers.
The surprise move came during Meloni’s final late-night cabinet meeting before the summer break.
On Tuesday, Meloni’s government was quick to point the finger at the ECB, which it has been critical of over its interest rate decisions.
“We have been saying for months that the ECB was wrong to raise rates,” Italian Deputy Prime Minister Antonio told Corriere de Corriere.
