Italy Sweeps Forward with NATO Defense Spending Commitment

Italy is set to align with NATO's heightened defense spending target, as Prime Minister Giorgia Meloni declared on Monday that the country will allocate 5% of its GDP towards defense and security. This move comes ahead of a NATO summit aimed at bolstering defense spending from the existing 2% of GDP to a 5% target, meeting the demands set by former U.S. President Donald Trump.

In anticipation of the upcoming EU and NATO summits, Meloni told lawmakers that Italy has reached NATO's preliminary target of 2% GDP defense spending and will gradually meet the new requirements by 2035. She emphasized the significance of identifying what constitutes security threats and the necessary expenditures to mitigate them, while advocating for a review of EU budgetary rules to accommodate the defense increase.

Meanwhile, Brussels has suggested allowing a GDP increase of 1.5% in defense spending annually without imposing sanctions on countries exceeding a 3% GDP deficit. Despite being heavily indebted, Italy is cautious about triggering EU infringement procedures, opting for balanced solutions to preserve its financial market standing, government sources disclosed.

(With inputs from agencies.)