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Who is new Italian economy minister Giorgetti and what is he planning to do?

AFP/The Local
AFP/The Local - [email protected]
Who is new Italian economy minister Giorgetti and what is he planning to do?
Giancarlo Giorgetti, a pro-Draghi politician, was appointed Italy's economy minister on 21st October 2022. Photo by Andreas SOLARO / AFP

The League's Giancarlo Giorgetti was not first choice for the crucial job of economy minister. We take a look at the 55-year-old tasked with reducing Italy's huge debt during a time of soaring inflation.

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Giorgetti is known as a loyal supporter of outgoing prime minister Mario Draghi, serving as his minister of economic development, meaning he's widely expected to continue with economic policies set in place by the previous government.

While he's deputy leader and a longstanding member of the Matteo Salvini's League party, he's considered relatively moderate and pro-Europe.

The 55-year-old political veteran has since spent most of his political career in the League, but does not hesitate in disagreeing with Salvini - even if publicly he denies any rift. 

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Unlike many of Italy's previous economy ministers, Giorgetti is not a former academic but a lifelong politician.

His political mentor was Umberto Bossi, who founded the party when it was the regionally focused Northern League.

READ MORE: Who’s who in Italy’s new hard-right government?

"Umberto Bossi is a political master, he made me understand that politics is a game of chess, you have to calculate everything up to the last move," he said in an interview in March 2018.

Like Giorgia Meloni, the Brothers of Italy leader named prime minister Friday, he cut his political teeth in the youth wing of the Italian Social Movement (MSI), formed by supporters of fascist dictator Benito Mussolini after World War II.

But he was not the first choice for the economy ministry, one of the most important in the new government in Rome.

Meloni had in her sights Fabio Panetta, a senior executive at the Bank of Italy, and Daniele Franco, Draghi's finance minister, as she sought to demonstrate continuity with the previous government's financial measures in order to reassure international investors.

"We aim to build an authoritative and top-level government," Meloni said repeatedly.

Giorgetti will have much to do to reconcile the costly election promises of the League and the need to reduce Italy's huge debt, in the context of soaring interest rates and fears of a looming recession.

A graduate in business economics from Bocconi university in Milan, he will have to look at the flagship measures the right-wing coalition promised ahead of election: a flat tax, tax amnesties, a shield on energy prices for households and businesses and lowering the retirement age.

"It would not be an enjoyable expense, but to pay for the harm done by the war" in Ukraine, he said.

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In contrast to Salvini, Giorgetti is reserved and eschews the limelight, refusing to join social media. "I don't put myself in the front row," he said.

An avid supporter of English football club Southampton, he served under former premier Giuseppe Conte's 2018-2019 government, notably as sports minister.

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A practising Catholic and Americanophile, he was born on December 16, 1966 in Cazzago Brabbia, in northern Italy. His father was a fisherman and his mother was a textile worker.

From 1995 to 2004, he was mayor of the town of less than 800 inhabitants.

When his name came up, Ignazio La Russa, a controversial figure who co-founded Brothers of Italy with Meloni and has been appointed new head of the Senate, said Giorgetti could have been appointed to several roles.

"He could also be general of the armed forces. Giorgetti can do everything, he is my friend, there is no role that he cannot play," said La Russa.

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