Mes: Gentiloni, now Italy can use it, it will save billions

 "Italy is the only country in which there is much discussion of the Mes", on which "there will be no conditionality beyond the constraint to spend the money to cover the direct and indirect health costs of the pandemic. For Italy, it is between 36 and 37 billion at a rate close to zero. The loan will have a maturity of 10 years, which produces savings for the state coffers of several billion. " This was stated by the EU Commissioner for Economy, Paolo Gentiloni, in an interview at the opening of the Republic.

    "These credit lines are the symbol of the different way in which we face the crisis: ten years ago a country in trouble asked for help in exchange for draconian conditions while today, with Europe facing a common crisis, we have an accessible tool to all and without conditions ", underlines Gentiloni, according to which" Europe comes out stronger because it has exposed the ambitions of nationalisms, the myth of the strong man who cares about the pandemic and the narrative of the country that does it alone. We have shown that science, cooperation between nations and the ability to manage complex situations are needed. Nothing worse for populist nationalism. "

    Gentiloni warns about the risk of "asymmetric consequences" in the EU. "We have suspended the Stability Pact and state aid rules to encourage huge expansionary policies that will exceed 25% of European GDP. However, countries have different availabilities and at the end of 2021 the differences will not have been reduced, but accentuated. A worrying fact The

    single market and the euro area with too many imbalances and differences between partners - warns the former Prime Minister - are seriously at risk ".
    With Mes, Sure and Bei "for the first time the EU institutions do not limit themselves to the monetary policy of the ECB and to the surveillance of the Commission, but launch common financial resources. We have broken a taboo, it is not enough". The recovery fund, says Gentiloni, will be presented "within two weeks, and its goal will be to mitigate the risks of excessive divergences within the single market". "It is necessary that the plan becomes operational as soon as possible, without waiting for 2021, to have very significant financing and to act with a mix of subsidies and long-term loans."