Monthly Brief on the Italian Economy – November 2023
|Parliament approves the Incentives Decree, a provision rationalising the system of public incentives for companies, to reduce the bureaucratic burden and complexity for firms and entrepreneurs.
|Fabio Panetta, former member of the ECB Executive Board, officially assumes the role of Governor of Italy's central bank, Banca d'Italia. Among other responsibilities, he will oversee Italy’s banking system at a delicate time as credit provision is tightening and pressure on banks is mounting (see LUHNIP’s report on Italy’s windfall tax).
|The Government approves a decree to initiate the so-called Piano Mattei for Africa, a cooperation plan for Italy to enhance its support to African partners as well as increase its role around the Mediterranean.
|The Board of Directors of the (partly) state-owned telco company TIM accepts the offer from private equity fund KKR to acquire TIM's fixed network assets, the first step in a long process that should facilitate the government’s plan to create a single owner of the fibre infrastructure in Italy.
|The Government’s 2024 budget law starts its parliamentary approval process, with discussions in the Budget Committee of the Senate (see Deep Dive 1 below).
|Moody's confirms Italy's rating and lifts its debt outlook from negative to stable. The Meloni government presents it as an approval for its economic policies.
|The Meloni government uses “golden power” to block a French acquisition that would impact an Italian defence company, showing the growing challenges in the European ambitions to defend strategic autonomy (see Deep Dive 2 below).
|Parliament approves the Energy and Family Support Decree, a provision supporting families and firms against the high costs of energy and reforming the incentives framework for energy-intensive enterprises.
|The European Commission approves Italy’s changes to the Next Generation EU plan, including the REPowerEU components, and provides preliminary endorsement for the release of the fourth tranche of funding (€16.5bn).