Ratify the treaty on the fiscal compact by July. This is the wish of the government, expressed in the Senate in the Foreign Affairs Committee by Minister Moavero Milanesi. At the European level, the go-ahead is coming at different speeds: France has already ratified the Treaty establishing the Mes but not yet the Fiscal compact; Germany expects the first reading of the Bundestag to take place on 29 June.
The draft conclusions of the forthcoming European Council on 28 and 29 June should include a wish for the entry into force of the European Stability Mechanism by 9 July. “This mechanism will enter into force upon ratification by countries that represent at least 90% of the quotas to be subscribed and that Italy has 17%. Italian ratification, therefore, like that of other countries with a quota higher than 10 per cent, is decisive”.
The ratification of the Mes is also closely linked to that of the Fiscal compact as, you will not be able to benefit from the assistance of the Stability Mechanism if you do not also adhere to the tax compact. “The wish of the government is that theprocess of ratification of the Mes and F Treatiesiscal compact can be concluded by the end of July, without prejudice to the judgment of the Parliament”, remarked Moavero Milanesi.
And in the meantime, again in the Senate, the Finance Commission has urged growth to give prominence. In fact, the commission approved an opinion on the ratification of the Fiscal compact in which it underlined "it is essential to give prominence to the objective of promoting a structural recovery of growth, through the adoption of differentiated parameters to promote public investments and, in general, of appropriate stimulus measures, to be evaluated already within the next European Council of 28 and 29 June”.
An opinion which - in the opinion of Senator D'Ubaldo (PD) - “makes clear the preference for economic and budgetary policies endowed with the character of stability and therefore eliminates the suspicion that measures of an exceptional nature can also be considered acceptable. The proposed opinion takes an explicitly opposite position with respect to the hypothesis – recently aired – which accredits the convenience of Italy's exit from the euro, as a solution, certainly not structural, deemed capable of producing an shock» on the economic recovery”.
