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FILE PHOTO: Italian Prime Minister Giorgia Meloni and Polish Prime Minister Mateusz Morawiecki hold a joint press conference in Warsaw, Poland, July 5, 2023, REUTERS/Kacper Pempel/File PhotoKACPER PEMPEL/Reuters
Jeremy Kronick is associate vice-president and director of the Centre on Financial and Monetary Policy at the C.D. Howe Institute. William Robson is the chief executive officer of the C.D. Howe Institute.
In public policy, as in life generally, we often recognize mistakes by others more easily than we recognize mistakes we make ourselves. Italy just goofed big-time with a windfall tax on its banks, and Canadians should take notice.
Last month, the coalition government of Italian Prime Minister Giorgia Meloni announced a surtax of 40 per cent on the profits of the country’s banks. The announcement triggered a crash in bank stocks – a loss of…
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