the Italian government is studying how to raise funds for aid to families and businesses
Gas in Amsterdam at the opening of the session falls below € 300 per MWh. Futures contracts for the month of September yield 13.03% to 295.01 euros per MWh. The Italian government has launched a first complex reconnaissance for the repertoire of funds to be used for new aid to families and businesses against expensive energy.
A difficult game full of unknowns because at the moment, it is explained in the Executive circles, there is still no precise idea on how to recover the necessary money after a heavy intervention made with the aid decree bis of beyond 14 billion euros. Surely there will be no intervention with a deviation. There are two parameters to evaluate: the cost of bills and the manner of their paymentand the intervention will in any case concern the fourth quarter after the calm measures decided in the previous measures.
There dramatic situation of businesses, which are eating up their revenues to meet expenses, and the need to go to the rescue of those who, among citizens, are no longer able to afford the costs is a national priority.
For this reason, all possible interventions are being examined, in agreement with the operators in the sector. But that we can define something within the next week seems very complicated. The government is ready to evaluate Even the proposals that come from politic, but hypothesizing massive interventions from now on is not possible. Although some ideas are starting to spin. On tax credit for energy-intensive and gas-intensive companies, which is in force until September, two hypotheses are being considered: either the extension until the end of the year or an increase in the rate. They probably will be fuel discounts extended expiring on 20 September, while several doubts are necessary, including those of a technician, on the possibility of an intervention for the redundancy fund in favor of the workers of companies that have to stop or reduce production due to expensive energy. On the family side, the payment in installments of bills could be strengthened.
One is that the August fiscal spurt will be expected. The international macroeconomic situation certainly weighs heavily, with Germany in a recessionary phase (-0.6%) together with the US and Great Britain. It’s a Italy instead growing (with a +1), a sort of happy island, we always reason in the Executive circles in explaining the general situation, even above expectations. And if Rome can use the deviation tool in a growth phase, it is one of the fears, the markets would not understand.
Also taking into account the previous operations with total interventions already carried out on this front of 48 billionall self-financed: the value of two maneuvers, it is still argued, made in normal times, to which the October budget law must be added, which will have to be passed by the government that will take office after the elections. Too many critical issues for the marketsalready worried about the difficulties that Italy could have in repaying the debt.
The fact remains that at least one would be needed to satisfy the demands and expectations of the parties twenty billion additional billions, it is estimated in spans, and the new tax revenues – even these at the moment are approximate – could provide, perhaps, only a few billions. Too little to define an articulated and coherent aid project.
In the background, among the hypotheses, there are still those who insist onincrease in the tax on corporate extra-profits energy. A hypothesis that still remains a road full of obstacles.
Other arguments regarding the possible container of the new measures. There is talk of a new decree but also of an amendment to the aid dl bis that should arrive in the Senate, for conversion into law, on September 6.