Speaking at the Bloomberg Forum on the Italian economy in Milan, Bank of Italy Governor Ignazio Visco said that “with ten times higher gas prices in the last two years, there is major stress on consumers and industries.” In particular, the latter “cannot survive with such prices.”
Rome prosecutors have opened an investigation on manipulation of the gas market. They have interviewed Ecological Transition Minister Roberto Cingolani who, according to Il Messaggero, said that hedge funds and megabanks are speculating on energy prices. Cingolani had previously said that fuel price increases are “a colossal fraud,” without, however, explaining that the fraud is the very future market system that the EU has created as the EU energy market after the British model. Italian courts cannot do much against it: The system must be changed but EU governments do not seem to be willing to do it.
