The difficult European negotiation on the tools to face the emergency and start again. Next Thursday the summit will not decide on the Recovery fund, because the priority is to support the Eurogroup decision on a 540 billion plan. But Italy insists on pressing: the address will have to be clear, and no downward compromises, says Conte.
The EU plan for recovery is configured “not as an instrument for the mutualisation of national arrears” but as “a temporary instrument that the EU Commission, with the implicit guarantee of the European budget, borrows on the markets to finance loans” back to back “to member countries. To increase the firepower of the plan, all member countries provide guarantees common to the EU that can be gradually replaced by new, own resources”. According to ANSA, this is one of the points of the Italian proposal to the EU.
The Italian proposal, as the Prime Minister Giuseppe Conte also explained in the information first to the Senate and then to the Chamber, was not officially presented to better promote “sharing” of the objectives, since – underlined Conte – “at this moment we are not interested in emphasizing our primacy”. At the point of the Italian proposal that concerns the European Pandemic Support Scheme (Epss), therefore, reference is made to a solidarity fund managed by the EU commission with the implicit guarantee of the European budget but including guarantees from municipalities of all the Member States. Guarantees which, in the Italian proposal, are defined as “unconditional and irrevocable”. The funds raised by the EU commission on financial markets, and the corresponding “back to back” loans to the Member States, in the Italian proposal, have “long-term maturities”.
“The comprehensive response to the” economic crisis caused by the coronavirus “includes the Recovery Fund. I suggest agreeing to work to establish such a fund as soon as possible.” So did the President of the European Council, Charles Michel, in his invitation letter to EU leaders, for Thursday’s videoconference. “We should move forward” the procedures for the three instruments already agreed by the Eurogroup (Bei, Sure, Mes), “a 540 billion euro package, and insist that they be available as soon as possible. The aim must be that these three protection nets are operational on June 1st. ”
“What we are facing is one of the most important negotiations in our history – he wrote on Facebook Foreign Minister Luigi Di Maio -. I know the value and determination of President Giuseppe Conte well and I am sure that in Europe he will fight with all his strength. Let’s not lose sight of the goal. Let’s defend Italy “.
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