Overview

• The economy minister said the budget impact of higher military outlays is still to be evaluated after the escalation of the Russia‑Ukraine war increased demands on defence spending.
• He confirmed the 0.6% growth forecast for 2025 and stated that no corrective manoeuvre is needed this year because public accounts are tracking prior estimates.
• Giorgetti urged Italy’s defence industry and state‑owned companies to take on a significant share of the effort to ensure orders generate domestic production and jobs rather than only burdening public finances.
• He noted that European fiscal rules allow derogations for military spending but not for other investments, with planned tax relief for households remaining subject to EU constraints.
• He dismissed summer speculation on measures such as bank or buyback taxes, saying concrete decisions will follow government deliberations rather than media “manovra‑mercato” rumors.