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Investing.com -- Italy intends to increase its defense budget to meet NATO's spending target, according to Bloomberg, citing sources familiar with the matter. The country currently spends only 1.5% of its gross domestic product on military expenses, falling behind other nations and remaining below the 2% threshold set by the alliance.
Italy will reach this target by incorporating other related national security costs, such as expenditure on its coast guard, the sources said.
Senior military and political figures have been exploring different scenarios after indications from the US that it might reduce some of its presence in Italy. These discussions are ongoing, and no final decision has been made yet.
The plan to increase defense spending is set to be announced by the end of June at the latest, potentially during NATO's summit on June 24-25, according to the sources. This move comes in response to potential US disengagement, as the country has been urging the European Union to increase its defense commitments.
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