See how it works. The EU pressuring Italy: what can Prime Minister Meloni do?

See how it works.  The EU pressuring Italy: what can Prime Minister Meloni do?

Eurogroup officials say they are optimistic that Italy will soon vote on the new ESM treaty, the Salva-Stati Fund. And the impression is that now the Meloni government will give a boost to Parliament to ratify the reform that is just waiting for Italy to come into force. After the rejection of an appeal by the German Constitutional Court, Germany also gave the green light to the text, now there would also be Croatia, a new member of the euro since January, but its green light seems obvious.

On Monday the president of the Eurogroup, Paschal Donohoe, traveled to Rome to meet with the Minister of Economy Giancarlo Giorgetti, yesterday it was the turn of the Director General of the Month, Pierre Gramegna, who met with the Prime Minister Meloni. “These discussions were very constructive, my understanding is that the new Italian government will now start to implement the ratification process. We are optimistic that this will lead to a positive outcome,” a senior EU official said ahead of the Eurogroup meeting on Monday. fair. .

Eurogroup leaders also reject Rome’s request to amend the treaty, at least for now. The reform will have to “be ratified as it is, as there will be no renegotiation”, he added. “Actually, it’s a very opportune time to ask ourselves if there is anything that could be improved, but I don’t see the possibility that this discussion can start before the ratification of the entire reform is completed,” he added.

Yesterday President Meloni underlined the anomaly of an economic and financial instrument which, despite having enormous resources, has not been used for a long time by the Member States, despite the difficult economic situation in which they find themselves. The prime minister also expected the possibility of verifying, together with the other ME member states, possible corrective measures aimed at making the European Stability Mechanism “an instrument effectively capable of responding to the needs of the various economies”. In the last legislature, the Brothers of Italy, but also the League and sectors of Forza Italia opposed the approval of the changes in the mechanism. The fear was that one day they would be faced with a debt restructuring plan of blood and tears, on the Greek model, in the case of a request for help from the Salva-Stati fund, but in reality this obligation is not automatic.

The ESM will only help states whose debt is considered sustainable and which need help in the event of a financial crisis. In any case, it is one thing to ratify the treaty, which must have the unanimous approval of states to enter into force across the EU, and another thing to borrow from the fund. In addition, there was a request from various quarters to use the money from the so-called Mes sanitary, a line of credit made available by the Fund to face the pandemic. There are 38 billion euros, part of which could be requested to restructure and reinforce hospitals and health services, a proposal that the Third Pole has been insisting on for some time but which was clearly rejected by the Prime Minister: “Italy will not accept the Month – he said in an interview -. I can sign with blood”.

Source: IL Tempo

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