Italy's Prime Minister Giorgia Meloni looks on, as she is welcomed by U.S. President Joe Biden , in the Oval Office at the White House, in Washington, U.S. July 27, 2023. REUTERS/Jonathan Ernst/File Photo
In comments to Italian newspapers Corriere della Sera, la Repubblica and La Stampa, Meloni said the 40% levy had no punitive intent. With Economy Minister Giancarlo Giorgetti noticeably absent from the press conference to announce the tax, Meloni said he had been informed about the decision. The government had toyed with the idea of taxing banks' record profits from higher rates but appeared to have set it aside, and Rome's muddled communication over the issue has caused alarm among international investors.
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