There is an understanding among
European leaders of the importance of the new European Stability
Mechanism (ESM) and Italy needs to ratify the treaty so it can
be available to all, Eurogroup President Paschal Donohoe said on
Friday.
"I will continue to make the case for the ratification of the
ESM treaty," said Donohoe.
"This treaty is a really important element in how we can deepen
the banking union, and in particular it will ensure that the
ESM, our crisis management instrument, has access to many more
tens of billions of euro in the future if needed," he added.
"I realise that this is a really sensitive political issue and a
problem for the Italian parliament, but the priority that we
will all have to address if the treaty is not ratified is that
no country will be able to access (the ESM) in the future if we
are in a crisis situation," continued Donohoe.
Italy is the only eurozone country not to have ratified the
treaty for the new European bailout mechanism amid concerns
about budget sovereignty and claims the fund should also be used
for growth.
"It is in everyone's interest that the ESM treaty" be ratified,
added Donohoe, saying he would "continue to work closely with
(Italian Economy Minister Giancarlo) Giorgetti" and that he
would also "continue to raise the issue" of ratification with
Premier Giorgia Meloni.
On Wednesday Lower House party whips announced that the chamber
would begin discussion of bills on the ratification of the ESM
treaty in the week starting November 20.
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