Italy's finance minister warns against rushing to rearm EU

Italy's Finance Minister Giancarlo Giorgetti has expressed reservations about European Commission President Ursula von der Leyen's plans to massively increase defence spending in the European Union.

Giorgetti warned against rushing into decisions that could lead to the kind of mistakes made in the past, referring to decisions taken during the coronavirus pandemic, when "mountains of vaccines" were purchased at inflated prices and subsequently discarded.

The League politician stressed the need for a "well thought-out programme of investment in military infrastructure that makes sense, and not done in a rush without logic," adding that "you don't go to the supermarket to buy a drone or a supersonic missile, you need multi-year investments."

In contrast, Foreign Minister Antonio Tajani of Forza Italia - another party in the coalition government - described the European Commission's plans for a huge rearmament programme as "good" within the framework, stating that practical implementation must now follow.

The two smaller ruling parties in Rome often disagree on foreign policy matters. Italy has been governed by a coalition of far right and conservative parties for two and a half years: Meloni's Fratelli d'Italia (Brothers of Italy) party, Lega and Forza Italia, founded by the late former prime minister Silvio Berlusconi.

Prime Minister Giorgia Meloni is set to attend the EU summit in Brussels on Thursday.

The EU states largely agree on the need to significantly increase defence spending. However, many governments are concerned about the source of the funding.

The commission suggests that member states be given more leeway for defence spending under the EU's usually strict debt and deficit rules.

Leaders are to discuss a plan pitched by the commission to mobilize close to €800 billion ($856 billion) for Ukraine aid and defence investments.

The commission proposed to provide €150 billion in loans which it hopes will be matched with private capital and additional funding from the European Investment Bank.