Giorgetti: 'No corrective manoeuvre needed. Discussions to get out of excessive deficit started".

"For the first time, there is no talk of a corrective manoeuvre: miraculously, we have made the right forecasts". Economy Minister Giancarlo Giorgetti said this while answering the question time. 'On the basis of the data published by Istat on 30 June there is no reason to believe there is a need to make adjustments to these forecasts. The figures are compatible with a deficit at 3.3 per cent in 2025 and a return below 3 per cent in 2026'.

The government "confirms its willingness to exit the excessive deficit procedure starting next year and for this reason it has initiated appropriate talks with the European commission," the economy minister said, explaining that "exiting the procedure is not only a matter of esteem and self-esteem but also the overcoming of recommendations, which every year make the headlines and are also politically troublesome, regaining margin of agility and possibility. Giorgetti also explained that Italy is contesting an "asymmetric interpretation that allows those who exceed 3% to stay out of the excessive deficit procedure and those who, like Italy in a virtuous manner, fall with a large deviation". The latest talks," the minister added, "offer interpretative spaces that go in this direction".

"It is not the government's assumption to question the safeguarding of expenditure items dedicated to the welfare of the Italian people," said Giorgetti, replying to a question on military spending at 5% of GDP in the NATO context, adding that in any case "the commitment is important and significant".

"Italy intends to participate, given the current geopolitical context, in increasing the defence capability that Europe has to face, also in view of the US disengagement. The commitment made on 24-25 June to increase it is certainly a very ambitious goal," Giorgetti explained, adding, "the government is not prepared to call into question the safeguarding of expenditure items oriented to growth and economic and social welfare, such as spending on families and social services." The minister explained that the expenditure concerns a concept of security that is "broader than that which can be traced back to armament alone, as commonly conceived. Giorgetti made it clear that 'this type of effort must also involve the supply dimension of Italian industry, which, with respect to a market dynamic, should participate at the supply level - given that it has companies such as Leonardo and Fincantieri - in order to have a return in terms of employment. Otherwise, other countries in Europe or outside will benefit'.

The structure is there. This is what is urgently needed for the end of July, then in September and October the budget cycle begins'. Thus the Minister of the Economy, Giancarlo Giorgetti, asked about the 'node of resources' for the parliamentary examination of the Economic Bill on the sidelines of question time in the Senate. 'The needs and requests are known, the availabilities are known to me, there we will see the other things'.