Giancarlo Giorgetti is the Finance Minister of the year. I write itand The Banker, a monthly publication of the Financial Times. Among the reasons for the recognition, “having earned the public’s respect for his attempts to reduce the growing Italian deficit and to support public investments, with a long-term plan to reduce the country’s enormous debt-to-GDP ratio.”
Being the Italian Finance Minister, we read in the article, “is a thankless task. The economic problems that afflict the country are multiple: slow growth, low productivity, high tax evasion and one of the largest public debts in the world. These challenges explain why in the last two decades many Italian governments have resorted to appointing mostly technical finance ministers”.
Per The Banker, Giorgetti, appointed in 2022 in the Meloni government, “is a notable exception. It is a veteran political operator, considered a moderate and relatively member filoeuropeo of the League party, which is part of Italy’s right-wing governing coalition. Giorgetti has quickly emerged as a pragmatic voice in a government that critics complain is often too fond of populist rhetoric and politics. Its renowned networking skills have come to the fore in his role as Finance Minister, drawing on his extensive political career.”
“The EU Commission – we read again in the magazine – praised his work, considering Italy’s 2025 budget maneuver in line with its recommendations and its rules, and defining the country’s credible and sustainable debt repayment plan“. “The European Union’s green light for Italy – continues Rhe Banker – was an important victory for Giorgetti and the Italian government, also taking into account that few countries have respected their commitments and EU rules. The Commission has in fact criticized several states, including Germany and the Netherlands, accusing them of having spent too much.”