Giorgetti flies to Ecofin, squeezed between the Stability Pact and Mes

There is no time to refuse for the Minister of Economy, Giancarlo Giorgetti. The day after the unexpected rejection of the Def in the Chamber – then approved this morning – Giorgetti flies to Stockholm where a double commitment awaits him, between meetings of the Eurogroup and Ecofin, the summit of twenty-seven European finance ministers. As part of the programme, there will be talk of banking crises and union of capitals. But what worries Giorgetti above all are two topics, both of which, for different reasons, are decisive for the executive: the Stability pact presented on Wednesday by the Commission, which the minister has already had the opportunity to criticise, e the ratification of the Meswhich the government continues to postpone despite pressure from Brussels.

Starting from economic governance, this should – at least formally – remain outside the Ecofin discussions. Indeed, EU sources have reported in recent days that the Stability Pact “will be added to the agenda of the next Council”, therefore on 16 June. But, despite the announcements, it’s easy to predict that the ministers will talk about it anywayperhaps informally or during dinner tonight. Especially if you look at the reactions following the presentation of the document: Giorgetti is not the only one to be “irritated”. Once again the rift between the intransigence of frugal countries – with Germany that wants a squeeze on European debts – and the demands of the most exposed countries has arisen. Giorgetti will find a way to discuss it in the scheduled bilaterals, among others, with the German minister Lindner and the president of the ECB, Christine Lagarde.

The question of the Mes will be more complex. The minister will once again be asked to account for the government’s position, which puts a revision of the text before the resolution. But precisely the lack of Italian ratification, the only one left unfinished among the twenty-seven, impedes and de facto paralyzes the work of the Union, which through its officials reveals impatience. Giorgetti has the task of finding a square.