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Italy Files €3.5 Billion Business-Focused Budget Amendment as Senate Vote Slips to Dec. 22

Funding shifts to a Messina Bridge deferral with an insurance prepayment, prompting ECB concern over new bank taxes.

Overview

  • The government deposited an omnibus amendment worth about €3.5 billion to bolster ZES, Transizione 5.0 and a three-year super-amortization through 30 September 2028, with incentives limited to Made in EU goods and without the extra green uplift.
  • The text introduces automatic enrollment into complementary pensions for new private-sector hires from 1 July 2026, with a 60-day opt-out.
  • Coverage relies on an 85% advance payment from insurers on a compulsory levy, yielding roughly €1.3 billion in 2026 before moving to a steady-state regime from 2027.
  • Funding for the Messina Strait bridge is rephased by shifting €780 million to 2033, leaving the overall authorization unchanged.
  • The ECB’s formal opinion warns that the bank measures would raise the sector’s effective tax burden and could curb credit, profitability and liquidity, while the Senate targets a plenary start on 22 December with committee votes still pending.