G7 set to discuss climbing oil prices, release of emergency reserves
The Group of Seven (G7) finance ministers will meet on Monday to discuss a global rise in oil prices and a joint r...
Italy’s government is facing internal doubts over whether its plan to meet NATO’s defense spending target of 2 percent of GDP will satisfy NATO and the European Commission, despite publicly maintaining confidence in its budget strategy.
Italy’s ambitious plan to hit NATO’s 2 percent defense spending target by the end of 2025 may not survive scrutiny from NATO or the European Commission, according to two Italian officials familiar with ongoing budget discussions.
Publicly, the government insists it will reach the target by reclassifying existing civil expenditures, such as the coast guard and financial police, under defense. However, privately, officials question whether this approach will be accepted by Brussels or NATO, as Rome tries to balance alliance commitments with domestic fiscal constraints.
The move comes amid growing pressure from Washington for NATO allies to spend up to 5 percent of their GDP on defense. Finance Minister Giancarlo Giorgetti has insisted Italy will meet its obligations without increasing absolute defense spending, thereby protecting politically sensitive sectors like healthcare from further cuts.
Italy's parliament is set to debate Giorgetti’s projections this Thursday, but government sources anticipate renewed pressure at the NATO summit in June. Both NATO and the Commission are expected to review member states’ commitments more rigorously, raising the possibility that Rome’s accounting method may be rejected or forced to be revised.
“There will be political pressure from both the EU and NATO to spend more,” one of the officials said, referring to the 2 percent threshold as merely a “baseline.”
To appease its allies, Rome may be forced to shift funding from other sectors or prioritize defense purchases that appeal to Washington, such as U.S.-made weapons systems, while scaling back spending on personnel and dual-use items. Officials say the reclassification plan has been legally structured to withstand scrutiny, but they concede that external challenges remain likely.
Prime Minister Giorgia Meloni has made increased defense spending a key point in talks with U.S. President Donald Trump, tying it to broader negotiations on reduced tariffs and a renewed U.S.-EU partnership.
Still, the issue remains politically sensitive at home. Italy has one of the EU’s lowest defense expenditures — just 1.49 percent of GDP last year — and is under pressure from Brussels to cut deficits after years of pandemic-driven spending. The European Commission has floated a possible exemption of up to 1.5 percent of GDP in new defense spending from deficit rules, but Giorgetti has dismissed that option, favoring instead a redefinition of existing costs.
With public opposition to rearmament running high and a new wave of austerity on the horizon, the Meloni government may soon face a tough balancing act between meeting NATO expectations and maintaining domestic political stability.
Trump says the United States "don’t need people that join wars after we’ve already won," targeting his criticism at UK Prime Minister Keir Starmer. Israel continues to fire missles at strategic sites in Iran and Gulf regions report more strikes from Iran.
Baku has completed its evacuation of staff from the Azerbaijan Consulate General in Tabriz, while most employees from the Azerbaijan Embassy in Tehran have also returned.
Tehran’s Mehrabad Airport came under attack in heavy airstrikes on early Saturday morning (7 March), Iranian news agencies reported.
U.S. President Donald Trump threatened further attacks on Iran on Saturday (7 March), while the United Arab Emirates and Saudi Arabia continued to shoot down missiles in their airspace. Meanwhile, Iran’s President Masoud Pezeshkian said Tehran would stop attacking its neighbours.
Russian attacks on Ukraine’s second largest city in the early hours of Saturday (7 March) killed 10 people, including two children. Kharkiv mayor, Ihor Terekov, said 10 residents died after a Russian ballistic missile hit a five storey apartment block in the city.
The Group of Seven (G7) finance ministers will meet on Monday to discuss a global rise in oil prices and a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reports.
Recent operations by the U.S. military have led some to believe that a decapitating strike is a silver bullet capable of fixing any foreign policy problem swiftly. However, this logic is flawed, and the risks of relying on swift, targeted actions are too great to ignore.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 9th of March, covering the latest developments you need to know.
Global oil prices have surged past $110 a barrel this Monday as fresh U.S.-Israeli strikes hit multiple targets, including oil depots. Stock markets fell on fears the conflict with Iran could disrupt shipments through the Strait of Hormuz, raising concerns over global energy supply.
The U.S. embassy in Oslo was hit by a loud explosion early on Sunday (8 March), causing minor damage but no injuries, in what may have been a deliberate attack linked to the crisis in the Middle East, Norwegian police said.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment