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The program of refund of money, the plan conceived by the Giallorossi government to reward citizens who will make purchases through electronic payments, has ended up in the crosshairs of the European Central Bank (ECB).
Cashback in the sights of Brussels
The introduction of reimbursement to incentivize electronic payments is a disproportionate measure in light of the possible negative effect it could have on cash, compromising the neutral approach towards the different means of payment available. This is what we read in a letter signed by the ECB’s head of supervision, Yves mersch, and addressed to the Italian Minister of Economy, Roberto Gualtieri.
“The ECB would appreciate if the Italian authorities would pay due attention to the above remarks, fulfilling their obligation to consult the ECB in the future, if necessary.“reads the letter. Critical, therefore, the Frankfurt institute, which complains to Minister Gualtieri for not having been consulted.
Among the observations on the effective effectiveness of the tool, as Reuters, Mersch defined, as mentioned, the new program adopted by the Giallorossi executive “disproportionateThe ECB supervisor sent the letter to Gualtieri on December 14, the last day of his tenure at Eurotower.
The ECB’s explanation
In the letter, Mersch recalled that “in accordance with Articles 127 (4) and 282 (5) of the Treaty on the Functioning of the European Union, in recital 19 of the regulation (CE) no. 974/98 and in the second indent of Article 2 (1) of Council Decision 98/415 / EC28, national authorities are obliged to consult the ECB on draft legislative provisions that fall within their competence, in particular, the relating to means of payment“.
Remember the prime minister Giuseppe Conte had justified the introduction of the cash back program because it was considered “a reform of the system with cheaper payments, in security to recover the undeclared “. “If we use cashback in an orderly way we give oxygen to a sector, if the result is overcrowding in the streets it is not what we expected“Conte added. Now he has to deal with a not inconsiderable stomach ache from the ECB.
After the Christmas holidays, during which a kind of extra money back was confirmed, starting in January 2021, the program will continue from semester to semester until June 30, 2022. refund 10% of the expenses for those who will use cards and applications (up to a maximum expense of 1,500 euros), up to a maximum of 150 euros per semester, against 50 electronic transactions. Consumers will be able to obtain a total treasury of 300 euros per year.
Fidanza’s lunge
The Head of Delegation of the Brothers of Italy – ECR in the European Parliament, Carlo FidanzaHe pointed a finger at the Giallorossi government measure, defining cashback as a disproportionate and discriminatory measure. “For years, the left has trapped us with the infamous’ Europe asks us. But, coincidentally, when a disproportionate and discriminatory measure such as cashback had to be introduced, no one between Palazzo Chigi and the Ministry of Economy raised the problem of asking the ECB for an opinion.“Fidanza explained.
“And the ECB in its warning letter has done nothing but exercise common sense – then added Fidanza himself – Highlighting how the cashback made in this way discriminates the use of cash and does not guarantee to be effective in the fight against tax evasion.“.”Giorgia Meloni had pointed it out promptly and she was singled out as a friend of tax evaders. She is also friends with tax evaders. ECB Or is it simply the Conte government that is a friend of the banks and an enemy of the Italians? So once again the government does what Europe asks of us and waives this crazy refund”Concluded the head of delegation of the Brothers of Italy in the European Parliament.
