Austrian Finance Minister Magnus Brunner said on Wednesday that neighbouring Italy had shown that an excess profit tax for banks was not a good idea, speaking after a meeting with representatives from the Austrian banking sector.

Earlier this month, Rome sent banking stocks tumbling by setting a one-off 40% tax on profits reaped from higher interest rates. (Reporting by Alexandra Schwarz-Goerlich, Writing by Rachel More, Editing by Friederike Heine)