Italy targets €11B from financial sector by 2029; minister defends higher taxes

Italy's Economy Minister Giancarlo Giorgetti announced a plan to raise nearly €11 billion from the financial sector by 2029 through increased taxation, defending the measure as necessary for fiscal consolidation. The move signals a potential shift in Italy's fiscal policy toward banks and insurers, which could pressure Italian financial stocks and weigh on market sentiment. Details on the specific tax mechanisms remain unclear, and the plan's impact on bank profitability and lending is uncertain.