The reform of the European Stability Mechanism (ESM), the so-called “state-saving fund”, has come a step closer to approval. The positive side in this case is that unanimity is needed, and therefore Italy has a veto power; the negative side is that the government – and especially the Minister of Economy Roberto Gualtieri – seems satisfied with the changes obtained to the original text, and therefore appears inclined not to use this power. It would be yet another mistake in our relations with our European partners, and this time it would be fatal, because there is almost certainty (the “almost” is used only because sometimes miracles happen, but who would bet on this?) that the mere fact of the entry into force of that mechanism would cause an economic catastrophe for our country.

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Von Veritatis

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