"The lack of clarity in the public debate regarding the conditions for recourse to the Mes is particularly serious, citizens have the right to be properly informed about it".
Distinguished Minister Gualtieri,
despite the improvement in the financing conditions of the Italian State on the market due to the action of the ECB, some political forces continue to invoke the use of the ESM credit line aimed at combating the Covid-19 pandemic.
On 16 September we published an open letter in which we asked you to clarify the conditions of access to the ESM credit line aimed at combating the Covid-19 pandemic (in economepolitica.it and Micromega) .
The letter, signed by 35 economists from various Italian universities, unfortunately did not find an answer and so we insist – more numerous – in asking for a reply. Indeed, we believe that the lack of clarity in the public debate on the conditions for using the ESM is particularly serious and that citizens have the right to be properly informed about it.
It is well known that the European Commissioner Paolo Gentiloni has repeatedly stated that "the macroeconomic conditionalities that characterized the previous crisis have been eliminated for these extraordinary credit lines for health care"; on the other hand, you yourself stated that “thanks to the negotiations we have conducted, there are no conditionalities beyond the expenditure of resources in the health sector”. And yet, European legislation (and in particular Regulation 472/2013) seems to indicate for the debtor the regime of "enhanced surveillance", according to which it may be required to "adopt corrective measures aimed at avoiding any future problem concerning the financing. on the market". Furthermore, article 14 of the ESM treaty establishes that "its Board of Directors will adopt detailed directives concerning the method of application" after the request has been made, and that the debtor country will be subjected to post-program surveillance on its accounts. public up to the refund of 75% of the amount due.
The contrast between those statements and the reading of official documents seems stark. You know perfectly well that the subject is of the utmost importance. The country is facing an unprecedented crisis triggered by the pandemic and the condition of public finances, already difficult before this shock, is further and seriously deteriorating. Knowing whether there are actually legally relevant innovations in accessing the “pandemic” ESM credit line, or only political agreements that risk being shelved in the near future, is of the utmost importance. Knowing the conditions of this possible new debt is essential to make the choice for or against access to the ESM.
We trust in his finally clarifying answer.
Nicola Acocella, University of Rome "La Sapienza"
Giuseppe Amari, G.Matteotti Foundation
Roberta Arbolino, University of Naples L'Orientale
Amedeo Argentiero, University of Enna Kore
Simona Balzano, University of Cassino and Southern Lazio
Leonardo Bargigli, University of Florence
Fabio Berton, University of Turin
Annaflavia Bianchi, economist, Bologna
Maria Luisa Bianco, University of Eastern Piedmont
Paolo Borioni, University of Rome "La Sapienza"
Emiliano Brancaccio, University of Sannio
Paolo Brunori, University of Florence
Rosaria Rita Canale, University of Naples "Parthenope"
Enza Caruso, University of Perugia
Domenico Cersosimo, University of Calabria
Sergio Cesaratto, University of Siena
Roberto Ciccone, University of Roma Tre
Carlo Clericetti, journalist
Bruno Contini, University of Turin
Paola Corbo, University of Sannio
Massimo D'Antoni, University of Siena
Marco Dani, University of Trento
Claudio De Fiores, University of Campania "Luigi Vanvitelli"
Marina Di Giacinto, University of Cassino and Southern Lazio
Amedeo Di Maio, University of Naples L'Orientale
Giovanni Dosi, Sant'Anna School of Advanced Studies in Pisa
Sebastiano Fadda, Roma Tre University
Stefano Figuera, University of Catania
Guglielmo Forges Davanzati, University of Salento
Andrea Fumagalli, University of Pavia
Mauro Gallegati, Polytechnic University of Marche
Giorgio Gattei, University of Bologna
Claudio Gnesutta, University of Rome "La Sapienza"
Marco Goldoni (University of Glasgow)
Enrico Grazzini, economic journalist and essayist
Andrea Guazzarotti, University of Ferrara
Carlo Iannello, University of Campania "Luigi Vanvitelli"
Antonino Iero, economist
Roberto Leombruni, University of Turin
Riccardo Leoncini, University of Bologna
Riccardo Leoni, University of Bergamo
Enrico Sergio Levrero, University of Roma Tre
Stefano Lucarelli, University of Bergamo
Ugo Marani, University of Naples the Oriental
Massimiliano Mazzanti, University of Ferrara
Guido Ortona, University of Eastern Piedmont
Andrea Pacella, University of Catania
Lia Pacelli, University of Turin
Walter Palmieri, CNR Naples
Luigi Pandolfi, economic journalist and essayist
Valentino Parisi, University of Cassino and Southern Lazio
Sergio Parrinello, University of Rome "La Sapienza"
Silvia Pasqua, University of Turin
Marco Veronese Passarella, University Business School of Leeds
Gabriele Pastrello, University of Trieste
Anna Pettini, University of Florence
Paolo Piacentini, University of Rome "La Sapienza"
Paolo Pini, University of Ferrara
Paolo Polinori, University of Perugia
Lionello Franco Punzo, University of Siena
Riccardo Realfonzo, University of Sannio
Andrea Ricci, University of Urbino
Enrico Saltari, Sapienza University of Rome "La Sapienza"
Fiammetta Salmoni, University of Guglielmo Marconi
Francesco Scacciati, University of Turin
Francesco Maria Scanni, University of Calabria
Roberto Schiattarella, University of Camerino
Alessandro Somma, University of Rome "La Sapienza"
Antonella Stirati, University of Roma Tre
Giuseppe Tattara, University of Venice
Mario Tiberi, University of Rome "La Sapienza"
Leonello Tronti, University of Roma Tre
Sunday Tropeano, University of Macerata
Enzo Valentini, University of Macerata
Vincenzo Valori, University of Florence
Anna Maria Variato, University of Bergamo
Andrea Ventura, University of Florence
Luca Vota, University of Salerno
Gennaro Zezza, University of Cassino and Southern Lazio
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/sulle-condizionalita-del-mes-lettera-degli-economisti-a-perche-gualtieri-non-ci-convince-sul-mes-lappello-dei-prof-di-sinistra/ on Sat, 24 Oct 2020 04:58:41 +0000.