Because Gualtieri does not convince us about the Mes. The appeal of prof. of left

Because Gualtieri does not convince us about the Mes. The appeal of prof. of left

"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.

Memberships

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.