Carlo Cottarelli declines Milan mayoral run, calls for European banking champion

Economist Carlo Cottarelli told Adnkronos he will not comment on rumours of a centre‑right candidacy for mayor of Milan, stating "No comment" to the suggestion. He said that large‑scale mergers among European banks are essential because "our European banks are too small compared to those in the United States" and urged the creation of a European banking champion. Cottarelli also argued that a similar approach is needed in defence, proposing that the combined turnover of the eight leading European defence firms should match that of Lockheed Martin. Commenting on US politics, Cottarelli noted a Senate resolution seeking to end military operations in Iran, observing that bipartisan Republican support signals growing discontent within the party. He added that former President Donald Trump’s approval rating has fallen sharply, while gasoline prices have dropped from $4.5 to $3.93 per gallon. He described US industrial production as volatile but affirmed that the American economy remains in growth.