Domestic Policy
Trade Unions: On December 12, the CGIL called a new general strike against the economic budget, which Maurizio Landini described as “unjust and wrong” because it fails to address the issue of wages. This sparked a sharp confrontation with Giorgia Meloni, who sarcastically commented on the choice of Friday for the strike and responded to criticisms of the budget. The controversy has reunified the governing majority, with Salvini, Gasparri, and Lupi attacking the union for politicising the strike. Landini countered by asserting the constitutional right to protest and announced a signature campaign for a law on public healthcare.
Cnel: Giorgia Meloni expressed her disagreement with the Cnel’s decision to increase salaries for its top officials, raising President Renato Brunetta’s salary to €311,000, following the Constitutional Court’s ruling abolishing the €240,000 cap for public administration salaries. Facing public backlash, Brunetta revoked the measure to avoid damage to the institution and the government. The opposition criticised the Prime Minister, urging the government to intervene on wage increases for workers. Tensions have also emerged within the governing coalition: Forza Italia remains cautious, while the League expressed being “shocked” and announced a parliamentary inquiry.
Foreign Policy
Hungary: Hungarian President Viktor Orbán travelled to the United States to seek guarantees on oil supplies amid sanctions against Russia. Hungary, lacking direct sea access, relies primarily on Russia for energy resources. The local refining company, Mol Nyrt., stated it could source part of its oil from alternative suppliers. During talks with Donald Trump, which addressed the possibility of allowing Hungary to continue purchasing oil from Moscow, the potential use of a pipeline from Croatia was considered as an alternative to Russian deliveries.
Palestine: Palestinian Authority President Mahmoud Abbas is in Italy for a three-day visit. Yesterday, he was received first at the Quirinal Palace by Sergio Mattarella and then at Palazzo Chigi by Giorgia Meloni. The Prime Minister reiterated Italy’s support for Gaza’s stabilisation and reconstruction, calling for Hamas’s disarmament—excluded from Palestine’s future—and implementation of Trump’s peace plan. While reaffirming support for the two-state solution, the Prime Minister did not formally commit to recognising Palestine, as requested by the PA leader. Italy will, however, strengthen training for Palestinian security forces, consider participation in UN missions, and increase humanitarian aid.
Economy and Finance
Monte dei Paschi di Siena: Monte dei Paschi di Siena closed the first nine months of 2025 with a net profit of €1.4 billion (+17.5%) and revenues exceeding €3 billion, surpassing forecasts. Following the acquisition of Mediobanca, consolidated since September, CEO Luigi Lovaglio announced a new industrial plan for early 2026 and projected pre-tax profits above €1.6 billion for 2025. The bank now aims to expand internationally, enhance profitability, and evaluate share buyback or special dividend programmes. The integration with Mediobanca, described as strategic, creates a new competitive force in the Italian and European banking landscape.
Nexi: The US fund TPG has submitted a binding offer of €1 billion to Nexi to acquire the majority of its “Digital Banking Solutions” division. The offer, valid until mid-December, values the division at 2.6 times 2025 sales and 6 times EBITDA. Nexi, led by Paolo Bertoluzzo, will evaluate the proposal alongside major shareholders, including Hellmann & Friedman (22.3%) and Cassa Depositi e Prestiti (19.1%). The deal, welcomed positively on the stock market, could reduce debt and support new dividends but must pass government scrutiny under the Golden Power regulations, given the strategic nature of Nexi’s infrastructure.