Does a veto on amending the Stability Pact remain an option for Italy? “I don’t want to say it that way. I said this in Parliament and I repeat it: The only thing I cannot do is to ratify a Pact that no Italian government, let alone me, can respect. Because that would be unfair and would not be beneficial for us.” Prime Minister Giorgia Meloni said this at the press conference at the end of the European Council in Brussels yesterday, which gave the green light to negotiations on Ukraine’s accession to the EU.
But today the debate on budget revision has stalled, and stability pact reform “is not the subject of the work of the European Council,” Meloni said. “There were discussions on the sidelines, negotiations took place for days, the matter was postponed to Ecofin, the positions are quite remote but we have to work for hours”.
The issue is complex. The public money that member states can use to initiate fiscal maneuvers or other spending measures depends on revising the deficit and debt-related parameters. Germany and other austerity leaders insist on tougher rules for highly indebted countries like Italy, requiring them to reduce annual budget deficits more quickly. France, Italy and other Southern countries are demanding more flexibility.
However, the square has not been found yet. “I don’t think it’s impossible to reach an agreement,” Meloni said. “I think eventually an agreement can and should be found, but I can’t say we’ve found it already.” “We – added the Prime Minister – are not asking for a change in the Pact that would throw money out the window, we want a change that allows us to do what we believe is right and what Europe has given itself. As a strategy, I am talking about investments without being affected. Because that would be a short-sighted strategy, but Italy “Not for Europe, but for Europe. Let’s try to include as many countries as possible.”
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Source: Today IT
Emma Fitzgerald is an accomplished political journalist and author at The Nation View. With a background in political science and international relations, she has a deep understanding of the political landscape and the forces that shape it.
