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Analysis – Deep distrust of EU puts Italy’s Meloni on edge over bailout fund

By Angelo Amante and Giuseppe Fonte

Rome, June 29 (Reuters)Italy’s right-wing coalition’s reluctance to ratify key euro bailout fund reforms is rooted in deep mistrust of the European Union, with Prime Minister Giorgia Meloni finding it difficult to emerge from political turmoil said analysts and lawmakers.

Italy is the only country in the Eurozone that has not yet given the go-ahead to an EU member state. Treaty This is a revision of the European Stability Mechanism (ESM), a fund created in 2012 to provide a financial firewall to currency zone member countries after the Eurozone sovereign debt crisis.

The reforms, agreed in 2021 by eurozone governments, including Italy, will allow ESMs to play a greater role in bailouts of failed banks, while also reducing the risk that investors will be stuck in sovereign debt restructurings.

The parties in Meloni’s nationalist coalition, which came to power in 2022, have argued that debt restructuring is more likely, resulting in higher debt service costs, despite facts announced by the Treasury Department itself. report Earlier this month, he said Italy could benefit from reforms.

Opposition parties have called for a vote in parliament, but Meloni said on Wednesday that no such thing was planned, linking the debate to ongoing discussions on a broader reform of Europe’s budget rules.

Meloni and his coalition’s main ally, Matteo Salvini, have adopted a staunchly eurosceptic stance for the past 15 years and have since softened their positions, but are still ready to let Brussels down completely. not done.

“There are some senior civil servants in the coalition government who hate it because they feel Brussels is setting the terms,” said Francesco Galietti, founder of political risk consultancy Policy Sonar. rice field.

“Melloni doesn’t want to leave the anti-ESM front to Salvini and nobody wants to lose face,” he told Reuters.

“Pussy Foot”

The ESM is already operational, but unless Rome signs the deal, it will not be able to support the single resolution fund responsible for dealing with failed banks, leading to growing frustration over the ESM’s lack of action. ing.

The ESM Treaty is central to our efforts and we will continue our engagement with Italy on this issue,” Pascal Donohoe, president of the Group of Eurozone Finance Ministers, said in a letter to the President of the European Council on Tuesday. said inside.

Despite the frustration in Brussels over Rome’s debacle, EU officials told Reuters any attempt by Mr. Meloni to link the ESM approval to more significant budget reforms would not pay off..

“Governments are only a very small part of a much larger issue concerning the governance of the European economy as a whole,” he said.

The European Commission proposed in April to ensure that governments reduce public debt by individually negotiated amounts. 4 to 7 years It then goes on a downward trajectory for the next decade.

Italy, the eurozone’s second-largest debt mountain relative to GDP after Greece, has criticized the proposal. But the Treasury once again undermined Meloni’s position and expected no major obstacles to adapting to the newly recommended framework.

of budget target According to Ministry of Finance estimates released in April, the structural primary fiscal balance will undergo additional adjustments. — Excludes temporary goods and economic fluctuations — An annual increase of 0.45 percentage points between 2027 and 2031 is sufficient to meet the new standards.

Italian officials told Reuters that such efforts were within Rome’s reach.

“It’s a typical Italian circus,” a senior politician from Meloni’s party, speaking on condition of anonymity, told Reuters about the ESM issue.

(Editing: Crispian Ballmer)

((giuseppe.fonte@thomsonreuters.com+390680307711;))

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

Summarize this content to 100 words
By Angelo Amante and Giuseppe Fonte
Rome, June 29 (Reuters) – Italy’s right-wing coalition’s reluctance to ratify key euro bailout fund reforms is rooted in deep mistrust of the European Union, with Prime Minister Giorgia Meloni finding it difficult to emerge from political turmoil said analysts and lawmakers.
Italy is the only country in the Eurozone that has not yet given the go-ahead to an EU member state. Treaty This is a revision of the European Stability Mechanism (ESM), a fund created in 2012 to provide a financial firewall to currency zone member countries after the Eurozone sovereign debt crisis.

The reforms, agreed in 2021 by eurozone governments, including Italy, will allow ESMs to play a greater role in bailouts of failed banks, while also reducing the risk that investors will be stuck in sovereign debt restructurings.
The parties in Meloni’s nationalist coalition, which came to power in 2022, have argued that debt restructuring is more likely, resulting in higher debt service costs, despite facts announced by the Treasury Department itself. report Earlier this month, he said Italy could benefit from reforms.
Opposition parties have called for a vote in parliament, but Meloni said on Wednesday that no such thing was planned, linking the debate to ongoing discussions on a broader reform of Europe’s budget rules.
Meloni and his coalition’s main ally, Matteo Salvini, have adopted a staunchly eurosceptic stance for the past 15 years and have since softened their positions, but are still ready to let Brussels down completely. not done.
“There are some senior civil servants in the coalition government who hate it because they feel Brussels is setting the terms,” said Francesco Galietti, founder of political risk consultancy Policy Sonar. rice field.

“Melloni doesn’t want to leave the anti-ESM front to Salvini and nobody wants to lose face,” he told Reuters.
“Pussy Foot”
The ESM is already operational, but unless Rome signs the deal, it will not be able to support the single resolution fund responsible for dealing with failed banks, leading to growing frustration over the ESM’s lack of action. ing.
”The ESM Treaty is central to our efforts and we will continue our engagement with Italy on this issue,” Pascal Donohoe, president of the Group of Eurozone Finance Ministers, said in a letter to the President of the European Council on Tuesday. said inside.
Despite the frustration in Brussels over Rome’s debacle, EU officials told Reuters any attempt by Mr. Meloni to link the ESM approval to more significant budget reforms would not pay off..
“Governments are only a very small part of a much larger issue concerning the governance of the European economy as a whole,” he said.

The European Commission proposed in April to ensure that governments reduce public debt by individually negotiated amounts. 4 to 7 years It then goes on a downward trajectory for the next decade.
Italy, the eurozone’s second-largest debt mountain relative to GDP after Greece, has criticized the proposal. But the Treasury once again undermined Meloni’s position and expected no major obstacles to adapting to the newly recommended framework.
of budget target According to Ministry of Finance estimates released in April, the structural primary fiscal balance will undergo additional adjustments. — Excludes temporary goods and economic fluctuations — An annual increase of 0.45 percentage points between 2027 and 2031 is sufficient to meet the new standards.
Italian officials told Reuters that such efforts were within Rome’s reach.
“It’s a typical Italian circus,” a senior politician from Meloni’s party, speaking on condition of anonymity, told Reuters about the ESM issue.

(Editing: Crispian Ballmer)
((giuseppe.fonte@thomsonreuters.com+390680307711;))

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

https://www.nasdaq.com/articles/analysis-deep-distrust-of-eu-leaves-italys-meloni-in-a-corner-over-bailout-fund Analysis – Deep distrust of EU puts Italy’s Meloni on edge over bailout fund

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