FROM OUR CORRESPONDENT
BRUSSELS – Two days of quick discussions, with no real knots to untie (not because they don’t exist) with the de facto conclusions already finalized on the eve. The first day of the European Council went unusually fast, ending just after nine in the evening. And also yesterday morning the Euro Summit went quickly. After all, the EU leaders had met on 9 February for an extraordinary summit dedicated to the measures that the EU should have put in place to counter the maxi incentive plan for US industry for the green transition and to deal with the migration emergency .
Yesterday the banks were at the center of the Euro Summit and the main message was to reassure the markets by reassuring EU leaders. It was the goal of ECB President Christine Lagarde in her speech: «The euro area banking sector is resilient – he said – because it has strong capital and liquidity positions». He then answered questions from the 27 EU leaders on the solidity of the banking system in the hours in which Deutsche Bank came to lose up to almost 15% (to then close at -8.6%).
Reassuring was also the goal of the president of the Eurogroup Paschal Donohoe who, if upon entering the summit he seemed to press Italy by saying that “it is very important that we go ahead with the full ratification of the reform of the European Stability Mechanism”. », he returned to his usual tone when he came out, confirming that he had «highlighted, as he did in the past, the value of ratification by all the members of the Eurogroup». But the fact remains that ours is the only country that has not yet ratified the Mes reform treaty. Donohoe underlined that “the timing and methods are a matter for the Italian government and the Italian Parliament”. A message of urgency could have worried the markets. Instead Lagarde explained that “as far as financial stability is concerned, the ECB has all the necessary tools to provide liquidity if necessary».
At this summit, the foundations were laid for future discussions on strategic dossiers. But in fact it was the meetings on the sidelines that held the scene: the dispute over the green car with the criticisms of Germany (the German chancellor assured that “we will find an agreement” with the EU Commission), the bilateral Scholz-Macron and Macron -Melons. Attempts to weave alliances in view of the next challenges. The EU is closing ranks. He proved it in the conclusions on Ukraine, in which he reaffirmed his full supportbut also on other issues, despite the fact that the interests of EU countries are sometimes divergent.
«The EU will guarantee its competitiveness by strengthening resilience and productivity, facilitating financing, aiming for affordable energyreducing its strategic dependencies, investing in the skills of the future and making its economic, industrial and technological base suitable for the green and digital transitions, leaving no one behind» reads the conclusions.
A statement that in its complexity makes one understand the stakes in the coming months. A reference to ‘a European Sovereignty Fund to support investment in strategic sectors’ has been inserted again in the conclusions. A further effort for a community approach to problems. But no meal is free. At the end of the first day, President Ursula von der Leyen recalled that “there is a lot of work ahead of us. We have made significant progress on many of the Fit for 55 proposals. Now we need to agree on the rest to stay on track. And this is likely to be uphill.