Domestic Policy
Meloni: Prime Minister Giorgia Meloni attended the 46th Gulf Cooperation Council summit in Manama, Bahrain, yesterday. During the event, she confirmed that the decree to extend military aid to Ukraine will be approved by the end of the year, explaining that the delay is due solely to technical reasons. Meloni urged caution following statements by NATO Military Committee Chairman Giuseppe Cavo Dragone, reiterating that the Alliance remains a defensive organisation.
Education: The Chamber of Deputies approved in first reading the Valditara decree on sexual and affective education, which requires parental consent for activities at secondary and high schools, while primary and kindergarten levels will follow school curricula on the body and relationships. The measure has drawn criticism from opposition parties, who describe it as a step backward in preventing gender-based violence, while the government highlights its protection of scientific rigor and the role of the family.
Foreign Policy
Ukraine Conflict: Negotiations on the war in Ukraine remain at an impasse: the lengthy meeting in Moscow between Putin, Witkoff, and Kushner yielded no progress and has delayed the expected meeting between Zelensky and Trump’s envoys. The central issue remains the Donbass, which Moscow claims in full and Kyiv refuses to cede, while American proposals have failed to bridge the gap. Meanwhile, the EU has decided to gradually halt Russian gas imports between 2026 and 2027, aiming for energy independence and reducing revenue for the Kremlin.
EU: The European Public Prosecutor’s Office has formally charged Federica Mogherini, Stefano Sannino, and Cesare Zegretti with fraud, corruption, and breach of professional secrecy related to contracts for the training of young EU diplomats. The three, detained and then released without conditions, deny the charges, while European institutions have assured full cooperation with the investigations. Meanwhile, the European Parliament’s legal affairs committee voted to revoke immunity for MEP Alessandra Moretti, but rejected the request for Elisabetta Gualmini, amid already tense conditions following recent inquiries.
Economy and Finance
Budget Law: Fratelli d’Italia submitted an amendment to the budget law, arguing that gold reserves managed by the Bank of Italy “belong to the Italian people,” a position the European Central Bank has expressed reservations about, stressing the need to safeguard central bank independence. The Treasury is considering a possible rewording of the text to take into account European observations without altering its political framework. Meanwhile, the budget process in the Senate is proceeding slowly, while the opposition demands the removal of the Lep and forecasts a tight debate.
Government Bonds: The spread between Italian BTPs and German Bunds has fallen below 70 basis points for the first time since 2010, thanks to credible debt management and a stable political climate, while also reflecting Germany’s different fiscal approach. Analysts and rating agencies acknowledge Italy’s progress, highlighting the role of primary surpluses in containing debt. Projections indicate a period of stability: the improvement is already reflected in prices, and bond yields will partly depend on German Bunds.