Domestic Policy
Justice Referendum: In Rome, at Piazza del Popolo, opposition parties launched the campaign for a No vote on the justice reform, with Giuseppe Conte and Elly Schlein critical of an intervention deemed detrimental to the independence of the judiciary. The outcome of the referendum is considered crucial for the balance of the centre-left and for internal leadership. Meanwhile, the Prime Minister, Giorgia Meloni, supports the Yes vote, joined by Pier Silvio Berlusconi, who, during an intervention on Tg1, emphasised the importance of participating in the vote and stated he does not fear «repercussions on the executive».
Delmastro: A catering company based in Biella has linked the Undersecretary for Justice, Andrea Delmastro, and other local figures to the daughter of an entrepreneur convicted of crimes related to organised crime. Those involved claim they left the company as soon as the father’s judicial case emerged, emphasising respect for the principles of legality. However, questions remain regarding the origins of the relationship and the motivations behind the entrepreneurial initiative.
Foreign Policy
Crisis in the Middle East: Israel has intensified military operations against Iran, striking strategic energy infrastructure such as the South Pars field and killing high-ranking figures, including the Intelligence Minister, Ismail Khatib. The escalation follows an Iranian attack with cluster missiles on Israel, which caused civilian casualties. Tehran has threatened retaliation against energy facilities in the Gulf, while impacts on gas supplies and markets are already being felt. Fighting continues on the Lebanese front, with an increase in rocket launches by Hezbollah towards various areas of Israeli territory.
EU Council: The European Council, scheduled for today in Brussels, presents a complex scenario with few prospects for concrete decisions, while the Council President, Giorgia Meloni, is engaged in securing measures against high energy costs and a revision of the ETS system. EU leaders remain cautious about the Middle East conflict and are divided on various dossiers, including financial support for Ukraine. On the Council’s agenda are also the coordination of energy policies and common responses to the economic repercussions of the international crisis.
Economy and Finance
High Fuel Prices: The Government has approved a decree worth approximately €500 million to contain the rise in fuel prices, introducing a temporary cut in excise duties that reduces prices by about 25 cents per litre until 7 April. The measure also includes a 20% tax credit for hauliers, farmers, and fishermen, as well as measures to strengthen price transparency. Oil companies will be required to publish price lists daily, with penalties for non-compliance.
Banking Risk: Andrea Orcel, CEO of UniCredit, stated that the public exchange offer for Commerzbank could only be improved in the presence of constructive dialogue with the counterparties. The operation aims to overcome a stalemate and can unfold in several possible scenarios, ranging from strengthening the stake to a potential merger. The strategic objective is the creation of a pan-European banking group with a strong presence in Germany, Italy, and Central and Eastern Europe.
Monetary Policy: The Federal Reserve has kept interest rates unchanged, highlighting uncertainty linked to developments in the Middle East and confirming its readiness to intervene in case of risks to the economy. Meanwhile, attention is shifting to the European Central Bank, which is set to decide on its own stance in the coming days.