Giorgetti: “The no was improper but I'm not resigning, the era without rules is over”
The no to the ESM was “improper” for “a member of the European Union who, after having made a ratification commitment, backs out when it comes to signing”. This was said in a long interview given to 'Il Giornale' by the Minister of Economy and Finance Giancarlo Giorgetti, who also reiterated that he has no intention of resigning. “As long as the majority supports my approach on serious, credible and sustainable projects, I don't see why I should leave,” he says. “As I've already said, the opposition has every right to make suggestions, even welcome ones, but then I'll decide.” And, returning to the rejection of the ESM, he reiterates: “Here too, no surprise. The League has always said that it was against it. Therefore, it is a question of coherence. What appears improper for a member of the Union is that after having made a commitment to ratify , when it comes time to sign he backs down. But I repeat, at that point the issue was no longer economic but rather political.”
On the hypothesis that according to the Monetary Fund, without the ESM in its bank-saving version, Europe will be less stable, Giorgetti replies: “As the Ministry of Economy we have always maintained that an extra belt around the banking system is welcome. But the ESM is an instrument like others, for example like the national resolution funds and the European ones for: therefore, nothing more than one of the possible solutions to the real problem, which is the debt. But if you work with prudence, also taking unpopular decisions to make it sustainable, the ESM becomes little more than a cure on the pharmacist's counter. I don't think that Europe without the ESM in its bank-saving version runs serious stability risks.”
“I think that trust in Italy would have collapsed only if the government had approved a maneuver with bizarre proposals, like those that often come from the opposition. Usually the markets evaluate the behavior of a government above all with respect to the sustainability of the debt”, says the minister.
“The point is that there is not only the Banking Union on the table. In a historical moment like the current one, serious regulations are needed but they struggle to find champions in the Eurogroup rather than in Ecofin. Unfortunately I am forced to recognize that the constituent spirit that would be needed is missing. Other than Mes. Here not everyone serves the interests of the Union, there are those who prefer to do their own business at everyone's expense”, adds the minister. And speaking of those who accuse him of “being the standard bearer of cuts and austerity” he responds thus : “An accusation that makes me smile, because those who raise their fingers are the same ones who wanted to approve the ESM. Instead, I thank the majority who agreed to keep the point on the maneuver. And it wasn't easy given that in some cases we had to make unpopular decisions.”
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