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The Senate approved the proposal to reform the ESM, the European Stability Mechanism, communicated to the chambers on Wednesday by Prime Minister Giuseppe Conte. After receiving approval from the House that same day with 314 yes, 239 against and 9 abstentions, the Senate approved the resolution presented by the majority with 156 yes, 129 no and 4 abstentions.
It was not a vote on the final approval of the ESM, which will instead be held in the coming months in the parliaments of the countries involved if the reform is approved first by the European institutions, nor on the request for access to its funds, repeatedly denied by the government. Italian in recent months. With the vote on Wednesday, the Parliament limited itself to approving the communications of Conte, who in his speeches explained why the Italian government will approve the reform of the ESM at the next Euro Summit.
The reform in question foresees two substantial changes, which have been debated in Europe for a long time: a single resolution fund to help the most troubled European banks, financed by the European banks themselves with an availability of 55 billion euros, and the ‘obligation for a country requesting assistance from the ESM to issue particular government bonds (the so-called “single member CAC”) that will allow creditors to “restructure” the debt, that is, reduce it, by a single vote, in rather than with more complex procedures than other types of government bonds.
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