Deputy Premier and Transport Minister
Matteo Salvini said Tuesday that his League party will never
accept Italy ratifying the reform of the European Stability
Mechanism (ESM).
Italy is the only EU member not to have ratified the reform of
the eurozone's bailout fund, despite having come under intense
pressure to do so.
The reform is controversial in Rome due to fears about its
possible impact on fiscal sovereignty and the Italian government
has also said the fund should be used to foster growth.
Many EU finance ministers at Monday's Eurogroup asked Italy to
ratify the reform, sources present told reporters, and European
Economy Commissioner Valdis Dombrovskis stressed the importance
of this.
"No," Salvini said when asked about ratifying the ESM.
"Thanks in part to the firm stance of the League, which has
always fought the MES since the time of (ex-premier Mario)
Monti, parliament has already rejected the EU's attempt to put
this noose around our necks.
"We would have no advantage from its transformation into a 'bank
rescue' fund because our banks are in excellent health.
"Since they insist on proposing this change, which the League
will never ratify, we respond by proposing to liquidate the
Italian quota and take back our 15 billion euros, with which we
could lower taxes, make investments, and increase pensions,
leaving the others free to do what they want".
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