17
Jan
2024
Watch
Review of the economic governance framework (debate)
Mr President, Commissioner, ladies and gentlemen, the reform of the Stability Pact is perhaps one of the most important missions of this parliamentary term but, unlike what has been done with NextGenerationEU, we risk in this case a somewhat 'gattopardesca' solution: We wanted everything to change but, in the end, unfortunately everything remains too similar to what it was before. Why? Because the agreement that has been reached has upset the fundamental objectives that, first and foremost, the European Commission had set itself, and that we all wanted and defended: streamlining of the regulatory framework, flexibility, increased applicability by governments. Until a year ago there was talk of lessons learned from the post-crisis stagnation of sovereign debt and, lastly, from the pandemic that we have unfortunately experienced, but we may have sung victory too soon. Let me be clear: No one denies the need to reduce excessive debt, but it is necessary to do so in a coherent, pragmatic and sensible way, without hanging ourselves tightly to the numbers, focusing more on the goals we have set ourselves. Being able to invest to make us competitive in global markets is essential, but with these rules, let me say, it will be very difficult, not to say perhaps impossible. Without a strategic sovereignty fund, which is still a mirage to come, without a common federal budget and given the huge differences in fiscal space and spending possibilities, we risk eroding the economic and social stability of our Union. It is disappointing to see that the Italian government, instead of defending intelligently and harshly and making alliances, has screwed itself into an absurd and incomprehensible controversy between Meloni and Conte over the ESM, instead of putting all its weight on the strategic objective that was precisely that of the reform of the Stability Pact. I say, however, to those who today celebrate this covenant as a great victory: Be very careful! Do not think about bringing back the enemy's scalp for the short-term electoral consensus of the next elections, because the future of integration is at stake, with the objectives of ecological and digital transition. It is the growth of our Union that you are bringing to your knees today. Do we want this to be the end of the beginning, or rather the beginning of the end? It will be up to our courage to decide but certainly, today, the message we receive is not what we would have liked to see.