By Giuseppe Fonte and Angelo Amante
ROME (Reuters) - Italy's economy minister accused the European Union on Friday of being a politically weak entity unable to take swift decisions, warning the bloc was unlikely to wrap up negotiations on its new fiscal rules before the end of the year.
Speaking at a festival hosted by Prime Minister Giorgia Meloni's Brothers of Italy party, Giancarlo Giorgetti said the EU still lacked a real political dimension and compared it to a "condominium meeting" where attendees only look after their own interests.
"Europe is incapable of taking any strategic decision in a timely manner," Giorgetti said.
The minister, a senior member of the co-ruling League party, told the panel Italy would like the EU to draft its own tax for big tech companies such as Apple (NASDAQ:AAPL) to help finance its common budget.
"If Europe was a political subject, it would make such a decision," he said.
The minister sounded sceptical over the EU's chance of striking a deal on new fiscal rules, which need to be revamped after being suspended in 2020 due to the COVID-19 pandemic.
He said there was "little chance" of wrapping up negotiations next week at a video conference of the bloc's finance ministers, after Meloni this week threatened to veto any deal that would penalise Rome.
The European Commission has proposed tweaking the rules by introducing a fiscal adjustment path focused on spending cuts over four to seven years. Germany, the bloc's largest economy, has also called for highly-indebted countries, such as Italy, to cut debt by at least 1% of GDP each year.
Giorgetti said this month Italy wanted to pursue its fiscal adjustment over a seven year period, provided it implemented its post-COVID recovery plan, and "without further conditions".
"We are playing this game with courage but also with cleverness," Giorgetti said, commenting the negotiations.