Domestic Policy
Head of State: Just days before the opening of the Milan-Cortina 2026 Winter Olympics, President of the Republic Sergio Mattarella is at the centre of a dense series of institutional engagements in Milan. Welcomed at Palazzo Marino by Mayor Sala, he met members of the International Olympic Committee gathered for its 145th session, led by President Kirsty Coventry. Mattarella then visited Niguarda Hospital to greet the young people injured in Crans-Montana. In the evening, at La Scala, he participated in the official ceremony alongside top sporting and political authorities, reaffirming the values of sport and calling for respect for the Olympic truce.
Security: At the Interior Ministry, the “Security Package” has been finalised and is now under review by Palazzo Chigi and the Quirinal Palace. The text introduces new measures concerning demonstrations, weapons, and public order: preventive detention for up to 12 hours for individuals deemed dangerous, on-the-spot searches, and deferred arrest for damages. A procedural shield is provided in cases of self-defence for both officers and citizens. Stricter controls on carrying knives are introduced, with new bans and harsher penalties, even for minors. A shift is introduced regarding unannounced or irregular demonstrations: no longer a criminal offence, but administrative fines of up to €20,000.
Foreign Policy
European Union: In his speech at the University of Leuven, Mario Draghi elevates the European debate, urging the Union to become a true “power.” According to the former Prime Minister, the current confederal model, based on coordination among states and veto power, fails to generate either power or autonomy. The solution, he argues, is pragmatic, multi-speed federalism, built sector by sector and involving willing countries—as already occurred with the euro and trade policy. Where integration is lacking—particularly in defence, industrial policy, and foreign affairs—Europe remains vulnerable and subordinate. The European Council on 12 February will determine whether leaders can choose unity and global influence—or irrelevance.
Israel: After twenty months, the Rafah crossing—the sole passage between Gaza and Egypt—has reopened, marking the end of the first phase of the roadmap initiated with the ceasefire. However, the reopening is limited: only 50 people per direction may pass daily, primarily critically ill and injured individuals, while thousands remain on waiting lists. Egypt has set up an extensive medical infrastructure, but the situation in Gaza remains critical, worsened by the withdrawal of Médecins Sans Frontières. The reopening is welcomed as a sign of hope, while the second phase of the plan—calling for Hamas’s disarmament—is expected to be fragile and fraught with tensions.
Economy and Finance
Intesa Sanpaolo: Intesa Sanpaolo has unveiled its 2026–2029 plan, projecting annual profits rising to €11.5 billion and a record shareholder payout of 95% of profits—approximately €45 billion in total. The strategy remains cautious: focus on cost reduction, revenue growth, and maintaining “zero NPL” bank status, with selective overseas expansion in wealth management. The bank aims to mobilise €500 billion in credit, primarily in Italy. A structural dividend and buyback policy is confirmed, supported by solid capital levels and 2025 results at historic highs.
Gold: Kevin Warsh’s appointment to lead the Federal Reserve triggered significant profit-taking across markets. Gold, after nearing $5,600 per ounce, fell to $4,400 before recovering to $4,700, while silver lost over 7%. Bitcoin also plunged below $75,000 before rebounding in the evening. Investors reacted to what they perceive as a profile more favourable to a strong dollar, reducing exposure to safe-haven assets and riskier investments. Analysts, however, believe that despite volatility, gold’s fundamentals remain solid amid global uncertainty.