League Firmly Opposes ESM Ratification, Declares Salvini

Rome: Deputy Premier and Transport Minister Matteo Salvini stated that his League party will never approve Italy’s ratification of the European Stability Mechanism (ESM) reform. Italy remains the only European Union member yet to ratify the reform of the eurozone’s bailout fund despite mounting pressure from other member states.

According to Ansa News Agency, the reform has sparked controversy in Rome due to concerns about its potential impact on fiscal sovereignty. The Italian government has expressed that the fund should be used to promote growth. During Monday’s Eurogroup meeting, several EU finance ministers urged Italy to ratify the reform, and European Economy Commissioner Valdis Dombrovskis emphasized its importance.

Salvini firmly opposed the ratification of the ESM, citing the League’s longstanding resistance to the mechanism since the tenure of former Premier Mario Monti. He highlighted that the Italian parliament had already rejected the EU’s attempt to impose what he described as a “noose around
our necks.” Salvini argued that Italy would not benefit from transforming the fund into a “bank rescue” mechanism as Italian banks are in good health.

He further asserted that if the proposal persists, the League would advocate for liquidating Italy’s share and reclaiming 15 billion euros. Salvini suggested that these funds could be used for tax reduction, investments, and pension increases, allowing other EU members the freedom to proceed as they wish.