Origin, objectives, contradictions and dangers (not only for Italy) of the ESM, the European Stability Mechanism also known as the State-Saving Fund, according to Giulio Sapelli, historian, economist and essayist
Giulio Sapelli is not surprised and indeed finds it belated – perhaps unnecessary
– the controversies of recent days on the reform of the Mes, the European Stability Mechanism also known as the Fund for saving States; reform that should be ratified between the end of the year and the beginning of 2020. “The same rules apply as in Europe: we are facing the definitive subtraction of liberal democracy” in the Old Continent, says the economic historian. “In practice, a country has neither the right nor the freedom to choose how to intervene on its public debt”, comments the essayist and columnist in a conversation with Start. THE MES IS AN INTERNATIONAL TREATY, NOT A FINANCIAL VEHICLE
In the meantime, Sapelli points out, “it is necessary to explain that the Mes is an international treaty that presents itself to most as a financial vehicle but has neither the form nor the substance”. A treaty that should intervene in the event of insolvency by countries with high public debt, such as ours. “In essence, the ESM makes up for the European Central Bank which is not a lender of last resort”. GERMAN CARE FOR COUNTRIES WITH HIGH PUBLIC DEBT
Nor does the renewed attention to euro area members in greatest difficulty amaze Sapelli. Two years ago, the historian and economist recalls, the German Finance Minister Wolfgang Schauble – now president of the Bundestag – I tried to impose special conditions for massive purchases of government bonds thanks to the OMT (Outright Monetary Transactions, the so-called anti spread or ‘save euro’) by Frankfurt. Operation that “was blocked by the European Parliament but after the Franco-German agreement, action is starting”. Last January, in Aachen, Angela Merkel and Emmanuel Macron signed a new text on which to base relations between Berlin and Paris – a sort of new chapter in relations between the two countries – which includes topics such as Europe, economy, security and climate .TRANSPARENCY ON THE MES

Sapelli is not upset even in the face of the request for transparency regarding the discussions on the ESM, as has been done with particular insistence – and for months – by the Lega and the Five Star Movement: “The ministers participating in the meetings they cannot say what they decide simply because it is forbidden by the Mes Regulation ”. If anything, he adds, “until now there was no article 34 according to which ministers are even removed from the scrutiny of Parliament”. Therefore, the accusation of the leader of the Northern League, Matteo Salvini, who defined the Prime Minister, Giuseppe Conte as a “traitor”, is dropped, guilty of having “signed, perhaps secretly or overnight, an agreement in the EU to change the Mes “. THE MONTH WILL BE RATIFIED
According to the emeritus professor of the University of Milan, however, this international treaty is not at risk and will get the green light from all 19 euro area member states for its definitive application. And that’s not all. IMPOSSIBLE A BANKING UNION WITHOUT A EUROPEAN CONSTITUTION
“I see the beginning of a Banking Union in the MES” of which the German Finance Minister, Olaf Scholz, recently relaunched the project from the pages of the Financial Times. But “no banking union can be created without a European Constitution”, the professor replies. “When I spoke with Amato at the end of a meeting to approve the EU constitution – recalls Sapelli – he told me that at most a ‘treaty between states’ had been written. But all this is not enough and this is where we have come. Indeed, this situation will worsen “. MEANWHILE EVERYTHING IS REDISCATED
As for the Mes, at this point, what can be done
“We need to stop everything and discuss again within the European Parliament and the individual national parliaments first, without being devoted to the bureaucracy and to the states that have Europe or Germany and France in their hands”. Or rather Germany. With France trying to keep up with the Teutonic pace.

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