Mes stalemate, the majority postpones ratification. Via XX Settembre warns: “No risk for Italy”
Does a rift open between Giorgia Meloni and her economy minister Giancarlo Giorgetti? Have we reached the showdown on the Mes theme? Continue to hold the discussion about the European Stability Mechanism (European Stability Mechanism, ESM) set up by a intergovernmental treatyoutside the EU legal framework, in 2012. His fundamental function is to grant, under precise conditions, financial assistance to member countries which – despite having a sustainable public debt – find temporary difficulties in get financed on the market. The mechanism reformso “feared” by FdI is Legadoes not undermine the restructuring of the debt and it doesn’t even increase the risk perceived by the markets on ours government bonds. On the contrary. In short, a nice right-footed Meloni.
A possible activation of the ESM, with respect to the other shareholder Member States, would directly represent a source of return on paid-in capital” and indirectly “a probable improvement of financing conditions on the markets“.
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To write it today is the head of cabinet of the Mef in an opinion sent to the Foreign Affairs Committee of the Chamberchaired by Giulio Tremontiwhich is currently discussing a bill presented by Pd ed Iv on the ratification of the Treaty on the European Stability Mechanism. In the law document that with regard to any indirect effects of the activation of the bailout fund “these appear difficult to evaluate”. According to the opinion of the Mef “they could abstractly arise if the changes made with the agreement would make the ESM more risky and therefore more probable capital reduction paid or the request for payment of the unpaid shares of the authorized one”.
But, specifies the text, “no changes are found in the agreement such as to suggest a risk associated with this institution“. In addition, Italy would benefit from the green light to the Mes also in terms of international reputation and with respect to the evaluation of rating agencies. “Regarding the indirect effects on public finances deriving from the ratification of the Agreement alone, on the basis of feedback received from analysts and market operators, it is possible that the reform of the Mes, to the extent that it is perceived as a sign of the strengthening of European cohesionlead to one improved assessment of the creditworthiness of the acceding Member Stateswith a more pronounced effect for those with higher debts such as Italy”.
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