Latest news with #GuidoCrosetto
Mint
22-06-2025
- Business
- Mint
Hard-Hitting World Leaves EU Soft Power Stranded
(Bloomberg Opinion) -- Last week, with uncertainty raging over whether the US would join Israel in striking Iran, Italian Defense Minister Guido Crosetto delivered an elegy for a soft-power Europe that looked stranded in a hard-power world. 'We talk about Europe as if Europe counted for something,' he said. 'But its time is over, and I say it with sadness.' It turned out to be a fitting prelude to the weekend's events as Europe's last-ditch push for diplomacy with Tehran ended with American bombers striking Iranian nuclear sites. It speaks to wider anxiety over Europe's geopolitical future as drones and missiles continue to pound Ukraine, tensions rise in the Taiwan strait and the Middle East erupts. Yes, the combination of Vladimir Putin and Donald Trump has finally stung the European Union out of complacency, with the prospect of rearmament projects worth €800 billion ($920 billion) sending share prices soaring and industrial capacity whirring into life. German weapons maker Rheinmetall AG, for example, is outperforming tech darling Nvidia Corp. and taking Gucci parent Kering SA's place on the Euro Stoxx 50 index. Yet at the same time, we're a long way from a European defense worthy of the name. Even as military budgets flip to feast from famine, political willpower is showing signs of strain, as are supply chains after decades of undernourishment. Dependence on US security and Chinese components runs deep, making much-needed strategic autonomy look entirely theoretical. And fragmentation along national lines is hampering economies of scale: A new analysis by the Kiel Institute and Bruegel finds Europe has credibly boosted production of artillery shells and howitzers, while output of tanks and infantry vehicles still falls well short of matching Russia's — which would require a sixfold increase. Last week's Paris Air Show showed some of these mixed signals: As the Dassault Aviation SA Rafale circled the skies and Italy's Leonardo SpA talked up industry consolidation, grumbles from some on the sidelines suggested firm orders remain slow and joint platforms lack unity. Rheinmetall's announcement of a partnership with US venture-backed Anduril also raised eyebrows among those who would have preferred to see European startups benefit. A revolution is needed on several levels as North Atlantic Treaty Organization leaders prepare to meet in the Hague to agree on future spending — with 2% of gross domestic product becoming a bare minimum. With Goldman Sachs Group Inc. estimating that spending by euro members will reach 2.8% of GDP by 2027, fiscal divides are still too obvious between countries that aspire to boost their militaries and and those that can actually afford to, with Germany's new position as the world's fourth-biggest military spender pretty much in a league of its own. Incentives like an escape clause from EU fiscal rules and tapping a new €150 billion defense fund are only a start: More levers need to be pulled, from the European Investment Bank's balance sheet to a more defense-focused EU budget. Pension funds will also need to join the effort on a continent that tends to invest its savings abroad. And while defense is firmly within the remit of national member states, there needs to be a serious attempt at knocking down the barriers to a true continental market for materiel. Joint procurement is low and duplication high, with 17 battle tanks on offer in Europe versus one in the US, according to management consultancy firm BCG. Instead of waiting for a Yalta-style moment where leaders agree on how to divide and allocate responsibilities, strong players like France should lead by example with more support for pan-EU collaboration. More industry consolidation may help here, perhaps along the same lines as Franco-German plane-maker Airbus SE. But even more than Airbuses, Europe needs more tech-savvy Andurils of its own. The US currently outspends Europe on research and development by 10-fold; the future of warfare may belong as much to unmanned drones and artificial intelligence as B-52 bombers or F-16s. That means encouraging collaboration between defense and startups, promoting a strong research ecosystem and integrating capital markets. It's not too late to give the old continent a shot of strength. More from Bloomberg Opinion: This column reflects the personal views of the author and does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Lionel Laurent is a Bloomberg Opinion columnist writing about the future of money and the future of Europe. Previously, he was a reporter for Reuters and Forbes. More stories like this are available on
Bloomberg
22-06-2025
- Business
- Bloomberg
Hard-Hitting World Leaves EU Soft Power Stranded
Last week, with uncertainty raging over whether the US would join Israel in striking Iran, Italian Defense Minister Guido Crosetto delivered an elegy for a soft-power Europe that looked stranded in a hard-power world. 'We talk about Europe as if Europe counted for something,' he said. 'But its time is over, and I say it with sadness.' It turned out to be a fitting prelude to the weekend's events as Europe's last-ditch push for diplomacy with Tehran ended with American bombers striking Iranian nuclear sites. It speaks to wider anxiety over Europe's geopolitical future as drones and missiles continue to pound Ukraine, tensions rise in the Taiwan strait and the Middle East erupts. Yes, the combination of Vladimir Putin and Donald Trump has finally stung the European Union out of complacency, with the prospect of rearmament projects worth €800 billion ($920 billion) sending share prices soaring and industrial capacity whirring into life. German weapons maker Rheinmetall AG, for example, is outperforming tech darling Nvidia Corp. and taking Gucci parent Kering SA's place on the Euro Stoxx 50 index. Yet at the same time, we're a long way from a European defense worthy of the name.
Saudi Gazette
22-06-2025
- Politics
- Saudi Gazette
Italian defense minister warns of likely strong Iranian response to US strikes
ROME — Italian Defense Minister Guido Crosetto warned on Sunday that Iran is now highly likely to launch a strong response targeting U.S. interests, following American airstrikes on three of Iran's nuclear sites. In remarks to broadcaster TG1, Crosetto said the U.S. action marked a significant turning point in the conflict. 'A much bigger crisis opens up,' he said, emphasizing that Tehran could respond forcefully to American targets across the region. Crosetto's warning came hours after U.S. President Donald Trump announced that American forces had carried out what he described as "very successful" strikes on Iran's nuclear facilities at Fordo, Natanz, and Esfahan. The strikes have intensified fears of a broader conflict engulfing the Middle East. In response, Iran called for an emergency session of the United Nations Security Council, urging condemnation of what it labeled U.S. aggression and violations of international have been mounting since June 13, when Israel launched airstrikes on Iranian military and nuclear facilities, triggering retaliatory missile attacks by then, at least 25 people in Israel have been killed, while Iranian officials report 430 dead and over 3,500 wounded from Israeli strikes, according to the Iranian Health Ministry. — Agencies
Libya Review
12-06-2025
- Politics
- Libya Review
Saddam Haftar & Italian Defense Minister Discuss Migration & Border Security in Rome
On Thursday, the Commander of Libya's Ground Forces under the General Command, Saddam Haftar, held official talks in Rome with Italian Defense Minister Guido Crosetto to discuss joint efforts in curbing irregular migration and tackling human trafficking networks. The visit took place in Saddam Haftar's capacity as the envoy of Field Marshal Khalifa Haftar, head of Libya's eastern-based armed forces. According to a statement issued by the War Information Division of the Libyan General Command, the meeting focused on the growing challenges related to migration across the central Mediterranean and the need for greater cooperation to enhance regional security. Both sides exchanged views on recent developments in the Mediterranean region and stressed the importance of a unified approach to managing migration flows, organized crime, and border security. Saddam Haftar reaffirmed the General Command's interest in building a strong, long-term strategic partnership with Italy that serves the shared interests of both countries. Minister Crosetto expressed appreciation for the role of Libyan armed forces in securing the country's borders and maintaining internal order. He acknowledged Libya's efforts in reducing irregular migration and disrupting smuggling routes, particularly in the southern regions, which serve as a key point of departure for migrants heading toward Europe. The meeting followed another session between Saddam Haftar and Italian Interior Minister Matteo Piantedosi, where discussions centered on enhancing security coordination and reducing illegal crossings from North Africa to Italy. Tags: Italian MinisterItalylibyamigrationSaddam Haftarsecurity
Reuters
12-06-2025
- Business
- Reuters
Italy says it needs at least 10 years to raise defence spending
ROME, June 12 (Reuters) - Italy's Foreign Minister Antonio Tajani on Thursday said his country needs at least 10 years to raise defence spending and comply with new targets due to be agreed by NATO, adding that a deal on them could soon be reached. Italy is one of the defence spending laggards within the Western military alliance, having spent just 1.49% of gross domestic product last year against a current target of 2%, according to NATO data. Rome has said it would respect the 2% target in 2025, but mainly through a series of accounting changes which add to defence budget calculations items that were previously not included. "I believe that we can do good work with NATO and arrive at The Hague summit with an agreement ready beforehand, so that NATO can demonstrate its unity," Tajani said speaking alongside NATO Secretary General Mark Rutte. The alliance leaders will meet in The Hague on June 24-25. Defence Minister Guido Crosetto, speaking in parliament, said it "is not possible" for Italy to meet U.S. requests for NATO allies to hike their defence budgets to 5% of GDP, and said an intermediate target of 3.5% "is not easy". Italy has limited room for spending, with its massive public debt projected to rise to almost 138% of GDP in 2026 before edging down the following year. "We are maintaining a conservative stance on the matter because we do not want other key investments, such as those on public health or social spending, to be affected", Crosetto said, adding that every government within NATO would need to discuss defence spending commitments with national parliaments.
