Regret over the decision by Italy'sparliament not to ratify the reform of the European StabilityMechanism (ESM) should spur efforts to find a solution so thatother countries can use the bailout mechanism for states ifneeded, European Commissioner for the Economy Paolo Gentilonisaid on Monday.
"Certainly there is regret over the decision" on the ESM "but,as they say, Parliament is sovereign," said Gentiloni, arrivingat the Eurogroup meeting in Brussels.
Italy is the only one of the 20 eurozone countries not to haveratified the reform treaty despite coming under significantpressure from Europe to do so.
"However, I think that the regret must also translate into apush to find a way to resolve this issue, because we cannotavoid the possibility of these resources being used, which ismoreover, supported by almost all the countries," he added. "Sothere is respect for Parliament's choice, regret, (and the) willto move forward," concluded Gentiloni.
Separately, Eurogroup President Paschal Donohoe said the issueof ratification of the reformed ESM reform was "on the agenda"of the meeting in Brussels.
"We are waiting for an update from (Italian Economy) MinisterGiorgetti on the vote in the Italian Parliament," he added.
"We will ask him to update the other ministers' on thesituation."In response to a question on whether Italy might hold a secondvote on the ESM after the European elections in June, Donohoesaid that the issue concerns "the Italian government andparliament".
"We respect the decision taken, 19 other parliaments haveratified the treaty," he added.
Premier Giorgia Meloni has said the December decision by theLower House to reject ratification of the reform of the EUbailout mechanism for States is an opportunity to reopendiscussion in order to make it more effective.
However, last Monday Belgian Finance Minister Vincent vanPeteghem said "the first option remains for Italy to ratify thereform of the ESM, it is the most preferable scenario", and onThursday a senior EU official said it is "completelyunthinkable" to have a bailout fund whose reform has not beenapproved by Italy alone to go ahead and be implemented by theother 19 member states.
There are "difficulties in going ahead with a smaller club", heexplained.
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