Not just the Stability Pact, what’s going on in Europe
The Minister of Economy, Giorgetti, urged "realism" from the European allies regarding the reform of the Stability Pact. Guiglia's Notebook
To reform the " Stability Pact ", the Minister of Economy, Giancarlo Giorgetti, urged "realism" from the European allies. In particular to Germany, which has the monotheistic cult of parameters.
Realism – says Giorgetti – means knowing how to combine rigor and growth. In essence, compliance with all the common criteria that govern state budgets. But precisely in order to be able to act as best as possible according to the agreed rules on debts and deficits, it is also essential for our government to create a new European investment strategy.
THE RACE TO RENEW THE STABILITY PACT
Yet, in the race against time to renew the Pact of the 27 EU countries, and on which in the meantime a small step forward has been recorded with glimmers of opening in the recent meeting in Berlin between Chancellor Olaf Scholz and the Prime Minister, Giorgia Meloni , a variable that is impossible to ignore is missing: the war in Ukraine which has been tragically and uninterruptedly ongoing since 24 February 2022, but which has been overshadowed not only by its duration (unfortunately we also get used to wars), by the conflict in the Middle East unleashed on October 7 with the Hamas massacre in Israel. And then the heavy reaction of the Tel Aviv army entering Gaza, which has been suspended in recent hours due to the exchange between Israeli hostages and Palestinian prisoners.
THE SILENCE ON THE WAR IN UKRAINE
But in the meantime Kiev has disappeared both from the negotiations and from the news. So much so, that last Friday the Ukrainian capital suffered the most intense Russian drone attack since the invasion began, and yet the event was of little significance. For the first time, anti-aircraft fire had to hit more than 70 targets. Neighborhoods left without electricity, and others, lots of rubble.
But silence on the war does not mean that its harmful effects on the population are over, nor its geopolitical implications and economic repercussions for the rest of the world. The European Union has already experienced the negative consequences on energy markets and food prices. The impact on the free movement of goods and people in the transport sector was also inevitable, as was the reception that many countries had to quickly establish for the significant flows of Ukrainian refugees.
To make ends meet, then, Europe cannot help but "calculate" the war that has been obscured, nor the war that has been suspended. The political elasticity required to reform the Pact is even more necessary to deal with the unforeseen effects and what has already been seen from Ukraine, which was invaded yesterday and is now forgotten.
(Published in Bresciaoggi and the Gazzetta di Mantova)
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This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/giancarlo-giorgetti-patto-stabilita/ on Sat, 02 Dec 2023 06:12:45 +0000.