ROME - Italian Deputy Prime Minister Matteo Salvini called on Tuesday for a new role for the European Central Bank, which should “guarantee” government debt in order to keep bond yields low.
Fresh from a victory in European parliamentary elections, the leader of the right-wing League said in a Facebook video that the EU’s “failed” fiscal rules should be rewritten with the focus on cutting unemployment, not capping budget deficits. Italian benchmark bond yields rose by 10 basis points on Tuesday, having already risen around 11 bps on Monday and marking the sharpest two-day rise in benchmark borrowing costs since the start of the year.
The League chief said he wanted to cut taxes for Italian households with income below 50,000 euros , at a cost of 30 billion euros for state coffers.
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