Note sulla riforma del Trattato istitutivo del Meccanismo europeo di stabilità

Abstract

European Stability Mechanism – ESM is a permanent financial stabilization instrument created, following the tensions on the markets and sovereign debt crisis, to provide assistance to eurozone countries in situations of economic difficulty. EuropeanCommission’s proposal aimed at transforming the ESM into a European MonetaryFund (EMF), fully integrating it into EU legal framework has not found necessary consensus. The reform of the ESM has, however, become the subject of a different solution, which provides for a revision of the founding Treaty. This paper analyzes the reasons why the ESM is at the center of the public debate, the objectives of the reform and the direct and indirect effects resulting from a possible ratification by Italy.