Italy is considered to be both a major and regional power and a leading middle power with membership in prominent institutions such as the UN, the EU, the NATO, the OECD, the OSCE, the DAC, the WTO, the G4, G6, G7, G8, G10, G20, the Union for the Mediterranean, the Latin Union, the Council of Europe, a Central European Initiative and the Uniting for Italy currently maintains the world’s tenth-largest of nominal defense budget and is a participant in the NATO nuclear sharing policy. On 1 July 2014, Italy replaces Greece as the seat of the Presidency of the Council of the European Union.