Domestic Policy
Meloni: During the traditional Christmas toast with staff at Palazzo Chigi, Prime Minister Giorgia Meloni offered a brief review of the closing year, describing 2025 as “tough for everyone.” She warned that 2026 is expected to be even more demanding, urging her collaborators to recharge during the holidays to continue delivering for the country. Later, Meloni visited the Tatarella Hall in the Chamber of Deputies to exchange holiday greetings with Brothers of Italy parliamentarians.
Mameli’s Anthem: In military and institutional ceremonies, the Mameli anthem will be performed without the final “sì,” following a directive from the Defence General Staff implementing guidance from the Quirinal Palace. This choice references Mameli’s original text, which did not include the exclamation. The directive does not apply to sporting events and marks a return to the anthem’s historical origins.
Foreign Policy
Ukraine Conflict: Ukrainian negotiators returned from Miami with draft proposals on security guarantees, reconstruction, and a possible framework for ending the war, while Zelensky reiterated the need to combine diplomacy with increased pressure on Russia. On the ground, however, fighting has intensified: massive Russian attacks have struck energy and civilian infrastructure across several Ukrainian regions, causing casualties and blackouts, with Moscow claiming the operations as retaliatory. The Kremlin downplays diplomatic progress and announces new military advances, while Kyiv admits to tactical withdrawals in some eastern areas.
Epstein Case: The shadow of Jeffrey Epstein once again touches Donald Trump with the release of new documents from the Department of Justice. While earlier documents mentioned the President only marginally, the new files—approximately 30,000 pages—depict him as closer to the former financier. According to the revelations, Trump reportedly travelled at least eight times in the 1990s aboard Epstein’s private jet, the “Lolita Express,” and on one occasion, Ghislaine Maxwell and an unidentified 20-year-old woman were also present.
Economy and Finance
Budget Law: The 22-billion-euro 2026 budget law was approved by the Senate with 110 votes in favour and is now heading to its final passage in the Chamber of Deputies after a complex parliamentary process. Economy Minister Giorgetti highlighted interventions on measures previously deemed nearly impossible, asserting the overall stability of the framework. Nevertheless, political difficulties emerged during negotiations with the League, and certain provisions must be removed to avoid constitutional objections.
Economy
USA: The US economy grew by 4.3% in the third quarter, exceeding expectations thanks largely to consumer spending on healthcare services, investments linked to artificial intelligence, and a positive contribution from foreign trade. The data supported Treasury yields and reduced expectations of interest rate cuts by the Federal Reserve, while stock markets reacted cautiously. However, signs of potential slowdown remain, including declining consumer confidence and the impact of the government shutdown and tariffs on future growth.