The European Union summit on Friday agreed to an Italian amendment to the meeting's conclusions on the European Stability Mechanism (ESM), the eurozone's bailout fund. The reform of the ESM has caused a big political furore in Italy, amid fears it could put the country under renewed pressure on the financial markets, and Premier Giuseppe Conte said Thursday that his government is seeking to "improve" it.
The Italian amendment makes explicit the concept that negotiations on the reform must continue. "We encourage the Eurogroup to continue the work on the package of reforms of the ESM, pending national procedures, and to keep working on an additional reinforcement of the banking union on a consensual basis," it said.
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