Fin Min Hopes EU Will Give Leeway In EDP Assesment To Boost Def Spending

Reuters reporting that Italian Finance Minister Giancarlo Giorgetti has said that he hopes the European Commission will provide some leeway with regards to the excessive deficit procedure (EDP) set to be launched against Italy (and eight other EU members) on 26 July as the gov't seeks to boost defence spending. Giorgetti said that "We hope the European Commission will recognise defence spending as a relevant factor...It is a necessary condition for the Italian government to meet its political commitment to adjust military spending,"

• As Reuters reports, "In Italy, defence spending has fallen from 1.59% of GDP in 2020 to 1.46% in 2023. Prime Minister Giorgia Meloni said at a NATO summit this month she intends to reverse the trend by raising it to 1.6% next year."
• The role of the lead party in the Italian gov't - PM Giorgia Meloni's conservative Brothers of Italy (FdI) - could prove crucial over the coming 24 hours. Commission President Ursula von der Leyen is seeking re-election, and while the numbers of MEPs likely to vote for her should push her over the required majority, the nature of the secret vote means this is not guaranteed. VdL could be reliand on the FdI's 24 MEPs to back her candidacy.
• Amid this, the Italian gov't confirmed Minister for European Affairs Raffaele Fitto would be Rome's nominee for Italy's Commission portfolio. Italy will be seeking a senior Commission role for Fitto, with the previous Italian Commissioner Paolo Gentiloni holding the Economy portfolio.