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“Italy will control the absence of conditions of the Month»» (the Save States fund). Regarding the ruling of the German Constitutional Court that focused on the legitimacy of the quantitative easing and the purchase by the ECB BTP from Member States, “it will have no consequences». The economy minister said so Roberto Gualtieri during a hearing in the Senate budget and finance committees.
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In a meeting with Ugl, Cisal and Confsal, Prime Minister Giuseppe Conte stressed that, in parallel with the decree on economic measures, the government “is already working on another provision that will be entirely devoted to de-democratization, with simplification rules” to accelerate “Significantly investments for the revitalization of the country”. This is learned from the sources present at the meeting. The reference is a decree that must be approved after the May decree.
THE MONTH
the Month will be at the Eurogroup table on May 8 “and will then be finalized by the board of governors presumably in mid-May: Italy will participate to ensure that final documents are in line with the element of non-conditionality out of use for expenses specific ».” Only then will Italy examine the details and evaluate in general. Any access would be shared in advance with Parliament. “
GUALTIERI, ECB TRIAL WITHOUT CONSEQUENCES
“I am sure that a clarification will be made quickly and the sentence will have no practical consequences,” which will allow the Bundesbank to continue participating in QE, the minister explained, commenting on the ruling of the German Constitutional Court. According to Gualtieri, the judges’ observations “refer to procedural aspects”, in addition “they reiterated the full legitimacy” of the PSPP and “do not refer in any way” to the new Pepp.
“First, he said, it has nothing to do with the monetary policy measures taken by the ECB to deal with the Covid emergency, including the PEPP program of at least 750 billion and the modalities of its implementation. This is very clear and it is repeated in paragraph 1 of the sentence. ” Gualtieri added that the Court “could not substantiate the accusation that the PSPP would violate Article 123 of the Treaty on the Functioning of the European Union”, and instead reiterated its “full legitimacy”. The findings of ‘ultravires’ in the PSPP “refer to procedural aspects of the reasons why it was necessary to pursue monetary policy objectives.”
The Karlsruhe Court ruling, then, as an operational consequence “asks the German government to do everything possible to receive information and clarification from the ECB and the German government has already declared that it will move,” Gualtieri explained. “I am sure the clarification will be done quickly, and the ruling will have no practical consequences, allowing the Bundesbank to continue buying German government bonds under the previous PSPP.”
GUALTIERI, WITH THE COUNT CALLED TO LIQUIDITY BANKS
“Just yesterday with President Conte, the positive dialogue work continued with the banking system to invite them to fully implement” the liquidity measures for companies, said the Minister of Economy at the Senate hearing, explaining “we made him call to some of the leading exponents of the banking world to see the trends. The numbers are exponential, the banks are also adjusting to some initial difficulties. We will make an assessment at least after 4 weeks of operation “of the rules.
THE EU RECOVERY FUND WORKS QUICKLY
For the recovery fund to be fully operational, the recovery fund that the European Commission is working on, which should be financed through the issuance of bonds, “we believe that 2021 cannot be expected to have an operational tool. Italy argues the need to anticipate and that it is possible to use the recovery fund as early as the summer, “he later explained, adding that” there are technical tools for the European Commission study “to anticipate the availability of disbursements. Gualtieri also focused in need of a European digital tax at the base of the European budget, an initiative that aims to stop the evasion of web giants through ‘shifting profits’ from one jurisdiction to another.
FROM THE EU ALMOST 200 MLD AVAILABLE FOR ITALY
If implemented, European instruments to fight the coronavirus would make almost 200 billion euros available to Italy, the minister suggested. “Italy could take advantage of the Sure for around 20 billion for social safety nets”, and the EIB’s line of credit “could produce about 40 billion loans for Italy”. To these figures we must add the possible use of the Month (36 billion, Gualtieri said) and “then the recovery fund will depend on size, but I am sure that at least another one hundred billion resources could be used for our country.” .
Last update: 23:10
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