G7, Giorgetti: ‘We need targeted, temporary and coordinated measures to tackle high energy prices’

Milan, 30 March (LaPresse) – There is a need for “a swift, coordinated and proportionate political response” to the negative economic consequences caused by the crisis in the Middle East, “bearing in mind the lessons of 2022–23” relating to the timing of the Russian attack on Ukraine. This was stated by Economy Minister Giancarlo Giorgetti during his address at the G7 Finance, Energy and Central Banks meeting. For Giorgetti, who focused primarily on rising energy costs (“a critical issue for energy-intensive industries, which account for 20% of Italian manufacturing”), energy measures “to counter the indiscriminate rise in prices must be targeted, temporary and based on a shared approach, bearing in mind the impact of the crisis in different countries”. “That said,” concluded Giorgetti, “I agree with Christine Lagarde: we must find the right balance between monetary and fiscal policy.”