ECB raps Italy more than cashback prepare, says it should have been consulted

MILAN (Reuters) -The European Central Financial institution has complained to Italian Economic climate Minister Roberto Gualtieri that measures to spur electronic payments in the nation undermined the aim of a neutral strategy to usually means of payment.

In a letter dated Dec. 14 published on the European Union legal site, the ECB claimed the programme of incentives released by Rome to lessen reliance on hard cash appeared to be “disproportionate”.

The letter was signed by Yves Mersch, who on the exact same day finished his mandate on the ECB’s executive board.

“The ECB would appreciate that the Italian authorities give because of consideration to the over observations by honouring the obligation to seek advice from the ECB in the future in which applicable,” the letter mentioned.

Reacting to the letter, the Treasury stated it would push on with the program incorporating the ECB impression was not binding.

“The official remarks designed by Mersch do not seem to be justified,” the Treasury stated.

Italy released the scheme previously this month, providing shoppers refunds on purchases made by cards as portion on an on-heading marketing campaign to discourage tax evasion.