Italy Seeks Nearly €11 Billion From Banks and Insurers Through 2029

Italy’s 2027 budget plan includes about €23.5 billion in measures to support households and businesses, with funding from ministry cuts, gambling-sector levies and a lasting contribution from financial firms. The government expects to raise nearly €11 billion from banks and insurers between 2027 and 2029, including just over €5 billion next year; the plan does not specify how the contributions will be collected. The government says the measures will protect purchasing power, especially for vulnerable households, and support investment, while invoking an EU fiscal escape clause to fund higher defense and energy-security spending. Italy projects a budget deficit of 3.4% of GDP in 2027 and 3.2% in 2028, after aiming to bring it below the EU’s 3% threshold this year.