Domestic Policy
Security: The security decree has received approval from the Ragioneria and the signature of the President of the Republic, Sergio Mattarella, with reallocated resources aimed at strengthening urban security and some modifications compared to the initial drafts, including halting new funding for reinforcing actions against illegal activities on the railway network and adjustments to the “legal shield.” Meanwhile, the Rogoredo case has ignited political debate, with Minister Tajani urging the opposition not to instrumentalize the incident.
Referendum: A remark by Undersecretary Giovanbattista Fazzolari regarding the justice referendum—suggesting that in Russia, where there is no separation of judicial careers, Vladimir Putin “would vote no”—has sparked political controversy and drawn criticism from the Democratic Party and its leader, Elly Schlein. Following an initial denial, the undersecretary’s office issued a clarification confirming the ironic tone of the comment, while opposition parties accused the government of undermining the judiciary.
Foreign Policy
Ukraine Conflict: On the fourth anniversary of Russia’s invasion, the European Union reaffirms its support for Kyiv, though the prospect of peace remains uncertain. In Paris, Emmanuel Macron and Keir Starmer convene the Coalition of the Willing, while several European leaders, including Ursula von der Leyen, arrive in Kyiv with new aid, though the €90 billion package remains blocked by Hungary’s veto under Orban. Ukrainian President Zelensky calls for stronger security guarantees, insists on EU accession, and announces potential new trilateral talks with Russia and the United States. From Rome, Giorgia Meloni reiterates Italy’s support for Kyiv, stating: “Italy has always ensured its constant and firm support alongside its European and Western allies.”
United States: President Donald Trump addresses a joint session of Congress for the State of the Union address, aiming to highlight achievements of his second term and relaunch his economic agenda ahead of midterm elections. Central to his speech are defending the economy’s strength, new measures against the cost of living, previously approved tax cuts, and healthcare reform with federal funds directed to consumers. The evening also gains significance due to the presence of U.S. Supreme Court justices, following recent rulings on tariffs and ahead of future decisions on key issues such as birthright citizenship.
Economy and Finance
Court of Auditors: On the occasion of the 2026 judicial year opening of the Court of Auditors, President Guido Carlino highlighted an increase in fraudulent conduct related to public funds, including those from the PNRR, reaffirming the role of the accounting judiciary as a guardian of public finance. In the presence of President Sergio Mattarella, Carlino rejected criticisms alleging the court hampers administrative action and expressed doubts regarding the effectiveness of the fiscal shield. In 2025, 226 convictions for public damage involving national and European funds amounted to €45.3 million, with €88.1 million recovered and an overall increase in reported cases.
Telecommunications: TIM closed 2025 with revenues up 2.7% to €13.7 billion and adjusted EBITDA after lease rising 6.5% to €3.7 billion, while net debt fell below €6.9 billion, with leverage below 1.9x. CEO Labriola emphasized strengthened financials and announced a remuneration policy including a buyback of up to €400 million, contingent on the sale of Sparkle, and a 1-for-10 share consolidation. For 2026, the group forecasts revenue growth between 2% and 3% and free cash flow of approximately €1.8 billion, with a Capital Markets Day scheduled for the second half of the year.