Mes, green light for approval in Germany, only Italy is missing: what happens now – Corriere.it
[ad_1]
Italy and the Mes: the position of the new government
Economy Minister Giancarlo Giorgetti, at his first Ecofin meeting at the beginning of October, had said that Italy was waiting for Germany’s moves to be ratified. But at the end of November Giorgetti also reiterated his criticisms of the Mes, calling it an obsolete tool which lends itself to the suspicion of representing a device to be used to isolate and blackmail Italy. Lega and Fratelli d’Italia have always contested the Mes. The leader of Action, Carlo Calenda, during his meeting with Prime Minister Giorgia Meloni had asked what the executive’s intentions were on the Mes and presented a motion to the Chamber for the government to present the bill ratifying the reform of the Treaty establishing the Mes.
The reform of the Mes and support for banking crises
The commitment to ratify the treaty, which establishes new functions for the Mes, was made in January 2021 by the second Conte government, not without controversy. The reform transforms the ESM from an instrument of assistance to States in difficulty into an instrument also of support in the crises of banking institutions, a fundamental step in completing the banking union. Brothers of Italy and the League clearly sided against the reform of the Mes. Even the M5Salthough at the end he rounded off his position.
Giorgia Meloni called the reform a Eurofolly, which will lead to an all-powerful supertroika, in 2019 he also went to Brussels to explain the reasons. For the League, the reform does not serve the interests of the Italians. And Silvio Berlusconi chose at the time to align Forza Italia with the positions of the allies on the no to the reform. The M5S was divided internally (forty dissidents including deputies and sanatoriums wrote to the top management to reiterate their opposition).
The stigma
The bailout fund used in the past to help Greece, Spain, Portugal, Ireland and Cyprus in exchange for draconian reforms it gets a bad name and comes associated with austerity. This stigma meant that the Pandemic Crisis Support credit line, accessible to all Eurozone states without conditions, was not used during the pandemic except that the money was used for direct or indirect financing of health, care and prevention due to Covid. In Italy against the health month there was a chorus of no. After the German green light, the government now has no more excuses and will have to decide whether to proceed with the ratificationas Italy had pledged to do in 2021, or whether to block the reform of the Mes.
[ad_2]
Source link
