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ITALY: Meloni Talks Up Proposal To Mobilise Private Capital For ReArm Europe

ITALY
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PM Giorgia Meloni, addressing the Senate before the 20-21 March EUCO summit said her gov't "supports the efforts of US President Donald Trump for peace in Ukraine, [the 30-day] ceasefire proposal is the first step". Meloni: "We believe the Franco-British proposal of sending European troops to Ukraine is a very complex, risky, and ineffective option". On US-EU relations amid escalating tariffs, Meloni says “I believe it is not wise to fall into the temptation of reprisals, which become a vicious circle in which everyone loses.”

  • On extra borrowing for ReArm Europe: "Italy does not intend to divert a single euro from resources for cohesion." Outlining the E800B 'ReArm Europe' plan, Meloni highlights the bulk of the funding (E650B) would come from gov'ts utilising looser excessive deficit procedure rules. PM says it is "on these premises, [that] Italy will decide whether or not to activate these options. I say this to underline that it is not a choice between greater resources for health and [public services] or defence."
  • Meloni says to avoid just ramping up debt, "we have proposed a mechanism of European public guarantees, coordinated and integrated with national systems on the model of what is currently used for the InvestEU program to mobilise private capital more effectively and relaunch investments in the defence sector". 
  • MNI team highlighted last week the significant obstacles the Commission faces in getting anywhere near the full takeup of the E650B (see 'MNI ANALYSIS: ReArm (or Don’t ReArm)', 13 March). 
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PM Giorgia Meloni, addressing the Senate before the 20-21 March EUCO summit said her gov't "supports the efforts of US President Donald Trump for peace in Ukraine, [the 30-day] ceasefire proposal is the first step". Meloni: "We believe the Franco-British proposal of sending European troops to Ukraine is a very complex, risky, and ineffective option". On US-EU relations amid escalating tariffs, Meloni says “I believe it is not wise to fall into the temptation of reprisals, which become a vicious circle in which everyone loses.”

  • On extra borrowing for ReArm Europe: "Italy does not intend to divert a single euro from resources for cohesion." Outlining the E800B 'ReArm Europe' plan, Meloni highlights the bulk of the funding (E650B) would come from gov'ts utilising looser excessive deficit procedure rules. PM says it is "on these premises, [that] Italy will decide whether or not to activate these options. I say this to underline that it is not a choice between greater resources for health and [public services] or defence."
  • Meloni says to avoid just ramping up debt, "we have proposed a mechanism of European public guarantees, coordinated and integrated with national systems on the model of what is currently used for the InvestEU program to mobilise private capital more effectively and relaunch investments in the defence sector". 
  • MNI team highlighted last week the significant obstacles the Commission faces in getting anywhere near the full takeup of the E650B (see 'MNI ANALYSIS: ReArm (or Don’t ReArm)', 13 March).