Approving the reform of the European
Stability Mechanism is not a priority and there is currently a
lack of democratic control of the eurozone's bailout mechanism,
Foreign Minister Antonio Tajani said Tuesday after Italy came
under renewed pressure to end its status as the only member not
to have approved it.
The ESM "is not a priority, now the priority is to build peace",
said Deputy Prime Minister and Foreign Minister Tajani, when
asked if Italy intends to ratify the ESM, arriving at a
conference underway in Rome entitled "De Gasperi, Schuman and
the future of the European project".
He added that "we are not against it on principle, but we have
strong doubts about the lack of controls and the fund. As Forza
Italia (his centre-right party, ed.), we would be ready to vote
for the ESM if there were democratic control".
Deputy Premier and Transport Minister Matteo Salvini said
earlier Tuesday his League party will never accept Italy
ratifying the reform of the ESM. Italy is the only EU member not
to have ratified the reform of the eurozone's bailout fund,
despite having come under intense and rising pressure to do so.
The reform is controversial in Rome due to fears about its
possible impact on fiscal sovereignty and the Italian government
has also said the fund should rather be used to foster growth.
Many EU finance ministers at Monday's Eurogroup asked Italy to
ratify the reform, sources present told reporters, and European
Economy Commissioner Valdis Dombrovskis stressed the importance
of this. "No," Salvini said when asked about ratifying the ESM.
"Thanks in part to the firm stance of the League, which has
always fought the MES since the time of (ex-premier Mario)
Monti, parliament has already rejected the EU's attempt to put
this noose around our necks.
"We would have no advantage from its transformation into a 'bank
rescue' fund because our banks are in excellent health.
"Since they insist on proposing this change, which the League
will never ratify, we respond by proposing to liquidate the
Italian quota and take back our 15 billion euros, with which we
could lower taxes, make investments, and increase pensions,
leaving the others free to do what they want".
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