Economy Minister Giancarlo Giorgetti met today in Nigata, Japan, on the sidelines of G7 meetings, with Eurogroup President Paschal Donohoe. During the intense and constructive meeting, the ESM and the new European governance were the main topics discussed.
Giorgetti, the note continues, renewed his willingness to dialogue on the treaty if introduced in a framework of changes already advanced by Italy, first of all the temporary exclusion of some expenses for investments in particular in the digital field and for the green transition, including those of the PNRR.
Donohoe: 'Everyone agreed on the ESM' "We are looking for a way to continue working together, taking into account that the ESM is an instrument on which Italian public opinion is very sensitive, and we respect it, but it remains an instrument on whose introduction all countries agreed and we want to make it available for the future for any government that requests it": This was stated by the President of the Eurogroup, Paschal Donohoe, in an interview with Rai News 24 responding to those who asked him what the message was for the Minister of Economy Giancarlo Giorgetti.
"Italy has made it clear that it does not want to use it and we fully respect the right of those who do not want to use it, but it is also important to understand that other governments may decide that it is something they want in the future," the Eurogroup president said before the meeting with Minister Giorgetti on the sidelines of the G7 in Japan. The ESM "is a treaty now ratified by all members of the eurozone, including the last to join, such as Croatia. The reason why ratification is so important is that the Treaty means that as a last resort the ESM can ensure rapid financial support in the event of a major bank crisis. It's about ensuring that no taxpayer is exposed to the costs of a bank failure," Donohoe explained. Thus, he added, "if the ESM treaty is not ratified by all, it means that other countries in the euro area will not be able to access it in the event of a crisis in the future."