Domestic Policy
Justice: One month after the referendum on March 22–23 concerning judicial reform, the Government is reinforcing its protection strategy: on one hand, Prime Minister Giorgia Meloni assures that the referendum outcome will not undermine the executive; on the other, it is accelerating work on electoral law. The majority aims to engage voters critical of the judicial system by promoting events and testimonies. Efforts are also underway to swiftly reach an agreement on electoral law, with challenges surrounding preference voting and electoral thresholds. The goal is to avoid early elections and political instability in the event of a “No” victory.
Spin Time Labs: Pierluigi Bersani (Democratic Party) defends Spin Time Labs, a building occupied in Rome since 2013, against the prospect of eviction, following a court ruling that ordered the Ministry of the Interior to compensate the owners over €21 million for failing to intervene. The left views it as an example of urban regeneration and is mobilizing support, including from intellectuals and artists. Brothers of Italy accuses Rome’s City Council of legitimizing the occupation, while the left points to buildings occupied by CasaPound.
Foreign Policy
France: The Lyon march commemorating Quentin Deranque, a young right-wing activist killed ten days ago, concluded without incidents, with approximately 3,200 participants. The demonstration traversed the city. Tensions arose near City Hall, with Nazi salutes and racist and homophobic insults, which the Prefecture pledged to prosecute. President Macron and Mayor Doucet called for calm and condemned any political instrumentalization. Lyon remains a focal point of tensions between the radical right and left.
Interview with Adolfo Urso: In an interview published in La Stampa, Minister of Enterprises Adolfo Urso revealed that the U.S. Supreme Court’s decision “had been anticipated for some time” and “market reactions confirm it.” Urso emphasized that Italy does not interfere in other countries’ judicial matters but defends its own interests, supporting businesses against tariffs. He noted positive results: Italian exports have grown by 3.3% in recent years, reaching a record $643 billion. The minister described Trump’s new tariffs as “temporary measures pending further interventions” and concluded that “the relationship with the United States is indispensable,” urging caution in assessing potential economic reactions.
Economy and Finance
U.S. Tariffs: Trump responded to the U.S. Supreme Court’s ruling limiting the use of the International Emergency Economic Powers Act (IEEPA) by announcing a 10% global tariff, later raised to 15%, via Section 122 of the Trade Act, applicable for only 150 days. Invoking Section 122 introduces new regulatory uncertainties and potential disputes, including the issue of refunds on over $175 billion in already-paid tariffs. Europe, balancing caution with internal pressures, is evaluating possible retaliatory measures. For markets, the primary concern remains the unpredictability of U.S. trade policy.
Assiom Forex: Italy’s banking sector, robust and a source of stability, must balance risk awareness with support for innovative enterprises. With these words, Bank of Italy Governor Fabio Panetta, speaking at the Assiom Forex Congress in Venice, highlighted the importance of promoting investment and digitalization for growth, noting that bank profitability remains high. He also stressed that a growth model based on low employment and wages is unsustainable, requiring greater productivity gains. On the political and institutional front, the Forex Congress addressed governance and bank relationships, focusing on stability and the role of institutions in supporting the Italian economy.