Domestic Policy
Milan-Cortina: Milan’s judiciary has raised constitutional concerns regarding the “Olympics Rescue” decree enacted by the Meloni government in 2023, which grants the Milan-Cortina Foundation the status of a private entity. Judge Patrizia Nobile accepted the prosecution’s request and forwarded the case to the Constitutional Court. According to magistrates, the law created a “free zone” for Foundation employees, conflicting with principles of equality and transparency. The decision opens a new front of tension between politics and the judiciary, less than 100 days before the Winter Games.
Almasri Case: The Parliamentary Committee on Intelligence (Copasir) has decided to reopen the investigation into the Almasri case following the arrest in Libya of the commander accused of torture, who was repatriated from Italy in January. The committee, chaired by Lorenzo Guerini, will summon government and intelligence officials in the coming weeks to clarify discrepancies between the official account and judicial records. Opposition parties are demanding explanations in Parliament, while Brothers of Italy defends the government’s actions. Doubts remain regarding the timing and validity of Libya’s arrest request, which the judiciary deemed ineffective.
Foreign Policy
United States: Zohran Mamdani, newly elected mayor of New York, has announced a rapid action plan to implement his ambitious social agenda, including frozen rents, free public transport, and municipal supermarkets. He intends to hire 200 lawyers to defend the city against potential moves by the Trump administration, with political confrontation anticipated. Mamdani has formed an all-female transition team led by Elana Leopold, including prominent figures such as Lina Khan. Meanwhile, Nancy Pelosi has announced her retirement from Congress in 2026, concluding a 40-year career marked by historic milestones and sharp clashes with the former president.
Conflicts: While the United States revives the Middle East peace process with an international force for Gaza and new countries preparing to join the Abraham Accords, tensions escalate between Israel and Lebanon, where raids against Hezbollah raise fears that Gaza may suffer a similar fate. Netanyahu warns Israel will defend itself “in Gaza as in Lebanon,” while Abbas, visiting the Vatican and then Rome, appeals to Pope Leo XIV and Italian authorities for a two-state solution and urgent aid for civilians. Against this backdrop, the war in Ukraine continues to fuel global instability: Moscow tests new nuclear missiles, and the EU warns of a renewed arms race. Europe strengthens its own defense, while Kyiv and Moscow continue fighting in Prokrovsk and Kupiansk.
Economy and Finance
Budget: During Senate hearings on the economic budget, the Bank of Italy, Istat, the Court of Auditors, and the Parliamentary Budget Office delivered consistent assessments: the IRPEF tax cut primarily benefits higher-income earners, with limited advantages for middle- and lower-income groups. Analyses indicate over 85% of resources will go to wealthier taxpayers, with average benefits of €408 for managers and €23 for workers. Economy Minister Giorgetti rejects criticism, asserting protection for middle incomes and fiscal discipline. While defending the reform’s framework, he leaves open the possibility of parliamentary amendments, respecting new European constraints.
Banking System: Banco BPM closed the third quarter with a net profit of €450 million, exceeding expectations, and confirmed its strong capital position with a CET1 ratio of 13.52%. The board has decided to present a “list of outgoing executives” for leadership renewal in April—a decision also supported by Crédit Agricole representatives, signaling cooperation between the two shareholders. CEO Giuseppe Castagna ruled out ongoing negotiations with the French but did not exclude future collaboration opportunities.