"Minister Giorgetti updated us on the situation after the negative vote on the ratification of the ESM treaty, of course we cannot make progress on this front. Italy's failure to ratify it means that our efforts to build a banking union continue to lack common support for the Single Resolution Fund and continue to lack a powerful tool to help us address the effects of banking difficulties." This was stated by the President of the Eurogroup, Paschal Donohoe, at the end of the Eurogroup.
"Giorgetti provided a very factual overview of recent developments within the Italian Parliament. We are committed to continuing to work with him," the Eurogroup president said. After the exchange with Giorgetti, "at the moment the only commitment there is is to reflect on the consequences of the decision" of Italy "and return to this issue in the future", Donohoe stressed, highlighting that "there is a desire on everyone's part to listen carefully to Giorgetti and engage with him to see if it is possible to find a way to strengthen our Banking Union".
"As much as I was happy with the ratification of the 19 parliaments" of the Eurozone countries, "I regret the decision of the Italian Parliament not to ratify the reform of the ESM treaty. It is a missed opportunity to make the eurozone more resilient and strengthen the Banking Union." This was stated by the Director General of the European Stability Mechanism, Pierre Gramegna, at a press conference at the end of the Eurogroup. "With this non-ratification, many issues remain unresolved," Gramegna stressed. "Fortunately," he added, "it happened at a time when we don't have an ongoing financial crisis."
Gentiloni: 'There is regret. Push to find a solution'
"Certainly there is regret for the decision" on the ESM "but, as they say, Parliament is sovereign.
I think, however, that the regret must also translate into the push to find a way to resolve this issue, because we cannot avoid the possibility of using these resources, which is supported by almost all countries." This was stated by the European Commissioner for the Economy, Paolo Gentiloni, arriving at the Eurogroup.
"So there is respect for Parliament's choice, regret, and a desire to move forward," Gentiloni summed up. and ECB President Christine Lagarde.
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