Defence funds, that's where the 12 billion comes from
The Minister of Economic Affairs clarified that 'they can be financed either with the BTp or with the Safe'. In the latter case, these are long-term loans at a subsidised rate, which will have to be repaid by the beneficiary Member States
by Andrea Carli
Key points
The game for defence resources is being played on a parallel track to that of the budgetary law. A track that concerns Brussels, and in particular the European Commission. Italy, Economy Minister Giancarlo Giorgetti made clear during the press conference at the end of the cabinet meeting on Friday 17 October that gave the go-ahead to the 18.7 billion 2026 manoeuvre, is financing defence spending by putting its hands in two 'piggy banks'.
The 12 billion in defence spending, said the head of the Mef, 'can be financed either with the BTp or with the Safe, which is very closely related to the Pnrr, with long-term loans that have to be repaid. We believe and are working and have pushed our national defence giants, Leonardo and Fincantieri, to seek interlocutions with European players for projects that can join the Safe plan'.
What is Safe
The Safe is the financial instrument of the European Union intended to support member states wishing to invest in industrial production in the defence sector through joint procurement. It is a budget of up to 150 billion euros that will be disbursed to interested member states upon request and on the basis of national plans. Italy has already raised its hand to access those resources: it will receive 14.9 billion euros. By 30 November, the government will have to send the European Commission a formal request, together with a detailed plan of the projects it would like to finance with this money. From the majority's point of view, the possibility of using the resources of the European fund allows those available to be allocated to sectors that more directly involve citizens, from education to health and work.
The Dpb indications
Nel Documento programmatico di bilancio 2026, che il Governo ha inviato alla Commissione europea e al parlamento italiano, viene infatti ricordato che «riguardo alla spesa in difesa, come chiarito nel DPFP (Documento programmatico di finanza pubblica, ndr), il 29 luglio l’Italia ha già espresso l’interesse a fare ricorso allo strumento finanziario europeo SAFE (Security Action For Europe), per un ammontare pari a circa 15 miliardi. L’impegno a incrementare, in coerenza con quanto concordato a livello internazionale, il livello della spesa per la difesa e la sicurezza nazionale così come indicato nel DPFP, per un ammontare massimo pari allo 0,5 per cento del Pil nel 2028 (parliamo, appunto, di 12 miliardi), è stato confermato dalle risoluzioni con le quali il Parlamento ha approvato il Documento. Tale aumento - si legge ancora nel documento - garantirebbe il rispetto degli impegni assunti in ambito internazionale e sarebbe compatibile con il mantenimento del rapporto deficit/Pil al di sotto de
European resources long-term loans (to be repaid)
It should be remembered that the resources that reach the European Commission, via the Safe channel, are long-term loans that, while they are subsidised, will have to be repaid by the beneficiary Member States.
