EU hoping Italy ratifies ESM ASAP – source

The European Commission hopes that Italy will ratify the treaty for the reform of the European Stability Mechanism (ESM) as soon as possible, a senior EU official said on Monday ahead of Friday’s Eurogroup meeting in Santiago.

Italy is the only country holding out on ratification of the new EU bailout mechanism amid concerns about its impact on budget sovereignty and claims the fund should also be used to boost growth.

“We are highly aware of the sensitive nature of the issue in Italy and, obviously, we fully respect the parliamentary process,” the official said.

“But we are hoping for a positive conclusion to the process as soon as possible”.

The official said the EU expected Economy Minister Giancarlo Giorgetti to give an update at the Eurogroup meeting about what is happening in Italy and what to expect in the coming months.


Source: Ansa News Agency (ANA)