Amid war, Europeans support a more ‘geopolitical European Union’
Al JazeeraAPR 2022
Italy's government has recognized the need to balance helping businesses with reining them in when profits surge out of control to the detriment of the public good. Italian banks have made record-breaking profits and have avoided passing anything on to their customers. There is no reason for banks to keep billions in excess profits while millions struggle to pay off their inflated mortgages and other loans.
Meloni's populist party have opted for an easy win with the electorate who are currently facing a cost of living crisis. However, the repercussions of this sudden and unexpected economic policy remain to be seen, as diminishing banking revenue could have influences on future investment and fiscal stimuli. Having already wiped value off of banks' stocks, this policy could continue to backfire for Italy's economy.