Italian Prime Minister Giorgia Maloni took “full responsibility” on Monday for last week’s shock decision to impose a one-off 40% banking tax on profits made by banks from raising interest rates, which would have caused lasting damage to the government’s credibility with financial markets. Reuters reports.

According to statements made to Italian newspapers Corriere della Sera, la Repubblica and La Stampa, Maloni says the 40% tax was not intended to be punitive.

“I would do it again. Because I believe that it is necessary to do the right thing… I made this decision (on my own),” she said, as quoted by Repubblica.

“This is a sensitive matter and I take full responsibility.”

In an effort to shore up its political position, Italy’s conservative government unveiled the surprise decision last Monday, only to partially reverse the decision 24 hours later, clarifying that it was a limit on receipts and in the meantime changing the tax declaration threshold.

The new tax is aimed at increasing the profits that banks have received thanks to higher rates.

How much money will the new tax on banks bring to the budget

Sources told Reuters that when the measure was announced, the Treasury expected to receive less than 3 billion euros ($3.3 billion) from the tax. However, before the ceiling was specified, the calculations indicated much larger amounts.

With Economy Minister Giancarlo Giorgetti conspicuously absent from the press conference where the tax was announced, Maloney said he had been briefed on the decision.

However, other members of the government were kept in the dark because of the sensitivity of the issue, she said.

The government had seen the idea of ​​taxing record bank profits at higher rates, but appears to have abandoned it, and a confused message to Rome on the matter has raised alarm among international investors.

Asked about coalition partner Forza Italia’s veto of a potential alliance with France’s Marie Le Pen in next year’s European Parliament elections, she said it was too early to discuss such moves.

“I’m not vetoing anybody, I don’t think I have the authority to do that, and it’s premature anyway,” she said.