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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Posted By Global Banking and Finance Review

    Posted on June 25, 2025

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    ROME (Reuters) -New NATO targets for higher defence and security spending are affordable for Italy as they give countries "total flexibility" on how to reach them, Prime Minister Giorgia Meloni said on Wednesday.

    Speaking to reporters at the end of a NATO summit in the Netherlands, Meloni said "not a single euro" would be diverted from other budget priorities to fund the planned increase in defence spending.

    NATO leaders backed a plan to raise overall defence spending to 5% of gross domestic product (GDP) by 2035, from the current 2% goal, to heed demands from U.S. President Donald Trump that Europe pay more for its own security.

    Countries would have to spend 3.5% of GDP on core defence - mainly troops and weapons - and 1.5% on broader defence-related measures such as cyber security, protecting pipelines and adapting roads and bridges to handle heavy military vehicles.

    "I am persuaded that the new targets are sustainable, there is total flexibility," Meloni said, adding no minimum annual spending increase would be required.

    She did not elaborate on how heavily-indebted Italy would fund the new commitments.

    Only 17% of Italian supporting increasing defence spending, according to a poll by the European Council of Foreign Relations, the lowest proportion among 12 European countries surveyed.

    Meloni said her government had no immediate intention to use an EU flexibility clause that halts disciplinary measures for countries that break the bloc's deficit rules in order to spend more on defence.

    "For 2026, we do not think we need to use the clause, for the years to come we will evaluate based on what the economic situation is," she said.

    Meloni also said she was confident the European Union and the U.S. could end a trade dispute with an agreement on reciprocal 10% tariffs.

    "A 10% tariff base would not be particularly impactful for our firms," she said.

    (Reporting by Giuseppe Fonte and Alvise Armellini, editing by Gavin Jones)

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