Cernobbio, 5 April 2025 – To reactivate the suspension of the EU Stability Pact as happened during the Covid-19 pandemic in order to enable all countries to provide public aid to the sector most affected by US tariffs. Speaking at the Ambrosetti Forum in Cernobbio, Economy and Finance Minister Giancarlo Giorgetti explained that in the directive that reformed EU’s economic governance, “there is also Article 25”, the clause that allows member states to deviate from the net expenditure path set by the Council, in the event of a serious economic downturn in the eurozone or the Union as a whole (Directive 2024/1263).
“In recent days people have started to talk about aid to companies,” the Minister of the Economy explains, but “these are economic-financial interventions from the State budget which must be allowed under EU rules.” And if Europe recognises the seriousness of the economic crisis, Giorgetti believes a general suspension of the rules should be considered.
Keep a cool ahead and no panic, he reiterated in his speech at Villa d’Este, and emphasised the government’s rational approach to the tariffs theme. “We need to evaluate the impact and avoid a counter-tariff policy which just be damaging for all.” “Let’s not forget the currency front,” for Giorgetti, the role of cryptocurrencies in international trade needs to be considered, “also because of the impact on the value of dollar and euro”. Speaking of the government’s work, the minister cited the Fitch agency judgement which today confirmed Italy’s BBB rating with a positive outlook.