If it should remain the only tool to deal with any new financial crises, the European bailout fund (ESM) would no longer be sufficient. He stated it Ignazio Visco, governor of the Bank of Italy, in a conference at the University of RomaTre. Visco then expressed his approval of the ESM from the German Constitutional Court, asserting that he "did nothing but say that the ESM is legitimate, nothing new".
Again during the conference, the governor of the Bank of Italy addressed the burning issue of the credibility of the political construction of the European Union. For Visco “the political answer is that European construction is credible but it takes time to implement it, with three stages: economic union, banking union and fiscal union".
