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One of the most common misconceptions about Italy is that the country of "dolce vita" lives only on European subsidies.
But according to a study by the Institute for German Economics (IW), Italy is the third largest contributor to the EU budget after Germany and France, giving more than it receives in subsidies, and showing its weight as an industrial and exporting power in the Eurozone.
Analysts see a “new power duo” in Europe, dubbed “Merzoni,” made up of German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni. Their meeting in Rome has highlighted policy alignment between the two countries, including pro-business legal changes and ratification of the Mercosur trade deal with Latin America, which sometimes clashes with France’s positions.
Meanwhile, the relationship between Berlin, Paris and Rome is considered a “triangular complex”. French President Emmanuel Macron has not yet given his final word, while supporters of Eurobonds are growing as a solution to smooth out European fiscal policy. The EU High Representative for Foreign Policy, Kaia Kallas, and the head of the German Central Bank, Joachim Nagel, have also declared support for this financial instrument.
What does this mean for the balance of power between Berlin, Paris and Rome? A “complex triangular relationship” is seen in a recent response from the German network ARD from Brussels and the truth is that Macron has not yet said his last word. Firstly, because his meeting with Meloni is pending, in which the French president also aspires to promote common ideas for Europe, as he himself emphasized during his recent interview with the main European newspapers.
Second, the eurobond is not only not considered a lost cause, but is gaining more and more supporters, who see no other solution to round off the fiscal policy circle in Europe (“increased defense spending and increased public investment, but no new borrowing and no new taxes”). Just last week, the EU High Representative for Foreign Policy Kaia Kallas and, less explicitly, the head of the German Central Bank Joachim Nagel spoke in favor of eurobonds. Giorgia Meloni will certainly not be against it.
Italy, in addition to its industrial and economic role, seems to be strengthening its political influence in Europe, emerging as a key partner in formulating new European policies and in balancing power between Berlin, Paris and Rome. / DW
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