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ROME (Dow Jones)–Italy’s newly appointed economy minister, Giulio Tremonti,
Saturday said the country’s banks would have to pay higher taxes unless mortgage
costs for families are reduced.

“Banks and oil companies must start to make some sacrifices,” Tremonti said
during the recording of a state television show to be aired on Sunday, when asked
who would have to make sacrifices in Italy.

Italy’s largest companies by market capitalization include banks UniCredit SpA
(UC.MI) and Intesa Sanpaolo (ISP.MI), and oil and gas company Eni SpA (E).

Prime Minister Silvio Berlusconi, whose center-right government was sworn in
Thursday, has said Italy needs some painful reforms to kick-start its ailing
economy. According to the International Monetary Fund, the Italian economy will
expand by just 0.3% in 2008.

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