Internet reports that the Italian parliament finally approved the 2025 budget a few days before the year-end deadline, an important victory for Prime Minister Meloni. Meloni and Finance Minister Giorgetti have worked together to craft a tax cut plan designed to win voters 'support while adhering to EU fiscal rules. The government plans to reduce the national deficit to 3.3% of GDP next year and below the EU-mandated 3% cap in 2026. Among the last-minute adjustments to the budget was a decision to maintain the cryptocurrency tax rate at 26% in 2025 and increase it to 33% in 2026 instead of the initially proposed 42%. Italy's prime minister's promise to cut taxes for low-and middle-income groups will help consolidate his position in power, but it also means that the return to fiscal soundness will be slower by EU standards. (Jin Shi)