Italy's Ministry of Finance released remarks by Economy and Finance Minister Giancarlo Giorgetti to the G7 Finance, Energy and Central Banks meeting, calling for a rapid, coordinated and proportionate policy response to the negative economic effects of the Middle East crisis, drawing on lessons from 2022–23 after Russia’s attack on Ukraine. He focused on rising energy costs, describing them as a critical issue for energy-intensive industries that represent 20% of Italian manufacturing. Measures to counter indiscriminate energy price increases should be targeted, temporary and based on a shared approach that takes account of the crisis’s differing impacts across countries, and he backed the need to find an appropriate mix between monetary and fiscal policy.
Ministry of Finance (Italy) 2026-03-30
Italy's Ministry of Finance urges G7 to coordinate a rapid and proportionate response to the Middle East energy price shock
Italy’s Ministry of Finance published remarks by Economy and Finance Minister Giancarlo Giorgetti to the G7 Finance, Energy and Central Banks meeting calling for a rapid, coordinated and proportionate policy response to the negative economic effects of the Middle East crisis, drawing on lessons from 2022–23 after Russia’s attack on Ukraine. He highlighted rising energy costs as critical for energy-intensive industries and argued that measures to counter indiscriminate price increases should be targeted, temporary and based on a shared approach, alongside an appropriate mix of monetary and fiscal policy.