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The OK to the Month of the Minister of Economy and Finance Roberto Gualtieri pronounced in Brussels, which had already caused a sea of controversies in the Italian political world, is harshly contested by an important internal frond of the Five Star Movement.
The Grillini, ready to counter the step that the majority of Giallorossi seem to be about to take, made their dissent heard without beating around the bush with a letter addressed directly to the “greats” of the movement. Received by the leader Vito Crimi, by the chancellor Luigi Di Maio and by the undersecretary Riccardo Fraccaro, the letter is signed by 17 senators and 52 deputies, totally opposed to the possibility of opening the disputed fund Salvemos. A fracture What at the moment seems incurable, although given the leap towards the hated Pd to remain in the government by the grillini, it seems legitimate to be able to expect anything.
“Subject: Resolution on the reform of Me of next December 9, 2020 “. This appears, as indicated Acted, the letter header. Dear Political Chief, Head of Delegation, Head of Group and Members of the Government, with this letter we submit to your kind attention the most current topic of the Month’s reform hypothesis and the next parliamentary resolution in view of the European Council, trying to review briefly the positions expressed by both Parliament and our group “. Therefore, the signatories go straight to the point, citing the D’Uva – Molinari resolution of 06/19/2019. Resolution by which the executive undertook “Regarding the reform of the European Stability Mechanism, not to approve changes that foresee conditionalities that end up penalizing those Member States that most need structural reforms and investments, and that undermine the prerogatives of the European Commission in matters of fiscal surveillance”. Government that had already been requested also “promote, at the European level, a joint evaluation of the three elements of the package in depth of economic and monetary union, reserving the right to express the final evaluation only after the detailed definition of all the various components of the package, favoring the so-called “approach package”, which can allow a political distribution of all the measures involved, according to a logic of global equilibrium “.
Despite the changing of the guard to the majority (when the League, that is, was replaced by the Democratic party), the signatories recall that the position on the ESM had remained at a fixed point. “The so-called ‘package logic’ on Mes, Biic and Edis was taken up in the Silvestri – Del Rio resolution approved on 11/12/2019”. Also in this resolution was put into play. That is the commitment of a “Maintain the logic of the package (Mes, Bicc, Banking Union) to accompany each stage aimed at ensuring the global balance of the various elements at the center of the reform process of the economic and monetary union, deepening the critical points”. Besides this, a firm point was also the exclusion of “interventions of a restrictive nature on the holding of sovereign securities by banks and financial institutions and, in any case, the weighting of the risks of government bonds by reviewing their prudential treatment, excluding the provisions that provide for a contribution of financial institutions to Edis based on government bond portfolio risk “. The grillini signatories also recall their intention to propose, as part of the negotiation maneuvers on Banking Union, “the introduction of the common deposit insurance system (Edis), a secure European bond (the so-called common safe asset, for example Eurobonds) and a higher risk weighting of level 2 and 3 assets (plus illiquid instruments) , which is linked to its degree of concentration in the total assets of the individual credit institution “. Finally, a non-secondary aspect, the commitment was above all “to exclude any mechanism that implies an automatic restructuring of the public debt”.
Dissidents are eager to recall how aversion to the Month was supported by the various official channels of the Five Star Movement, explicitly speaking of the common goal of “dismantling“. “The reform hypothesis”, Senators and signing deputies still explain, “has not changed compared to last year, in particular as regards 1) the strengthened role of the ESM in the assessment procedure of access to credit lines; 2) the new division between ‘virtuous and’ vicious countries ‘, according to the same logic and parameters that we say we want to change, with differentiated lines of credit (helping the virtuous and penalizing the vicious) and the introduction of single-member CAC-clauses that would simplify the restructuring of public debt “.
Anticipating the tragic economic consequences of the emergency Coronavirus And from the strong confinements imposed, the signatory grillini explains that all the points highlighted in the letter have already been examined by 32 Italian economists and 5 academics, who had already addressed a meaningful call to the executive, warning about the strong repercussions. that would bring such a choice. The combination of these reforms, in the context of increased public debt caused by Covid, could put our country under strong pressure in a couple of years, even without activating an ESM credit line “.
Nothing has changed, the petitioners explain, except for the position of numerous parliamentarians (“almost half”), now open to the idea of hosting the Month. “Post-covid Europe cannot be governed by instruments designed to support policies of austerity“, we still read in the letter. “However, to further toughen these instruments would be a serious historical error, and it is not enough to say that we do not want to access the Month to lightly support its reformatio in peius, precisely because of its immediate effects and because no one can be sure of remaining in the government of the country forever. “
All this considered, therefore, the signatories are explicit: “No to the Month”. Last year the danger also seemed to have been avoided, but now, in most cases, there are many who are pushing for a new opening of the Save States fund. “Now is the time not to regress to positions that are not ours. This is even more true at a historical moment in which true European integration and a spirit of solidarity between the eurozone countries is needed, rather than strengthening. from intergovernmental institutions external to community institutions “. The only possible way to block reform, dissidents explain, is to vote compactly in both the House and the Senate.
However, it is not even the time to make his thoughts known, that the 69 grillini have been defeated by their Democratic allies. Andrea Marcucci: “M5S parliamentarians who oppose the European reform of the ESM, should first read the texts of the agreement and then judge”, declares, as reported by Dnakronos. “I say this because the agreement signed by Italy is also objectively better. The dissent that runs the risk of opening up to the majority remains a problem that primarily concerns the leaders of the 5Stelle group.”, concludes.
