Other EU
Why Italy is Singlehandedly Vetoing the EU’s Latest Treaty (ESM)
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Italy has single-handedly blocked a new treaty aimed to create an EU-wide backstop for European banks, creating tensions between Meloni and other EU leaders. So in this video, we’ll explain this new treaty, why Italy opposes it and what might happen next.
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1 – https://www.ansa.it/english/news/2024/01/04/rejection-of-esm-chance-to-make-it-more-effective-meloni_cc22bd38-17f8-4a70-a7fa-8839a6e7603a.html
2 – https://www.politico.eu/article/its-the-moment-of-truth-for-eu-fiscal-reform/
3 – https://www.lse.ac.uk/Research/research-impact-case-studies/breaking-the-vicious-circle-of-the-eurozone-debt-crisis
4 – https://www.eurointelligence.com/
5 – https://www.imf.org/external/datamapper/GG_DEBT_GDP@GDD/ITA/DEU/FRA
6 – https://twitter.com/matteosalvinimi/status/1737802185751007262
7 – https://academic.oup.com/cmlj/article/15/3/262/5869249
8 – https://blogs.law.ox.ac.uk/business-law-blog/blog/2019/12/ridiculous-drama-rome-over-proposals-reform-esm-treaty
9 – https://www.bloomberg.com/news/articles/2023-11-17/italy-won-t-unblock-esm-until-stability-pact-done-undersecretary-freni-says
10 – https://iep.unibocconi.eu/publications/why-esm-so-controversial-only-italy-conversation-klaus-regling
11 – https://en.wikipedia.org/wiki/Trichet-Draghi_letter
12 – https://academic.oup.com/cmlj/article/15/3/262/5869249
13 – https://www.bloomberg.com/news/articles/2023-12-21/italy-s-government-takes-stand-against-esm-backstop
00:00 Introduction
01:04 The ESM Explained
03:45 Why Italy Hates the ESM
06:48 What Happens Next?
07:24 Brilliant
source
@TLDRnewsEU
February 14, 2024 at 4:41 pm
NOTE: Some commenters have pushed back against our characterisation of Italy as "one of the weaker eurozone economies". To some extent, we actually agree: there's a lazy cliché that frames Italy as the "weak" EU economy and Germany as the "strong" one, even though – as commenters have pointed out – Italy has run a primary budget surplus (i.e. excluding debt interest payments) for the best part of the last three decades, and recent stress tests suggest its banking system is one of the safest in Europe. Nonetheless, Italy does still struggle from persistently low growth and a high debt burden, which is partly why Italy has historically been in favour of deeper monetary/fiscal integration than, say, Germany, and hence why Italy's opposition to the ESM is a bit of a shock. Anyway, we're planning a wider video on the Italian economy in a bit, where hopefully we'll go into all this in more detail.
PS: There's also been some discussion about our characterisation of the 2008 crash as a "bank run" amongst nonbank financial institutions – this is fair enough, and the best way to understand 2008 is still a topic of academic debate, but for a good exposition of the "bank run" theory we'd recommend "The Fed Unbound: Central Banking in a Time of Crisis" by Lev Menand (https://www.amazon.co.uk/Fed-Unbound-Central-Banking-Crisis/dp/1735913707).
Thanks for watching, and we hope you enjoyed the video!
@hensolo8825
February 14, 2024 at 4:41 pm
you have mentioned in the video the fact that italy blocked it like 50 fucking times get to the point thanks
@user-eu3yj3vj1u
February 14, 2024 at 4:41 pm
Nice info!
@gorilladisco9108
February 14, 2024 at 4:41 pm
Fourth Reich is in trouble under the reign of Empress Von Der Leyen.
@anthonyburke5656
February 14, 2024 at 4:41 pm
Does that mean the EU has assumed control over EVERY Central Bank in every EU nation? Because, if not, the Treaty places the EU member countries at the mercy of whichever EU politician wants to bankroll their policies on EU money.
@ayrtonsenna1020
February 14, 2024 at 4:41 pm
Ursula, geh weg, wir haben genug von dir
@AlbertoZge
February 14, 2024 at 4:41 pm
Due to the crazy policies of the European center left, the things that don't work and that need to be discussed, hostile factions are created by others.
You are not used to a country that no longer wants to act as a doormat to strong powers and countries, those that are biased and hostile to a united Europe.
With a title like that, you might wonder if you are a journalism genius or a left-wing companion?
@thedude579
February 14, 2024 at 4:41 pm
Digital Euro enables the decommissioning of southern debt on the ECB balance sheet The rabbit of a central bank digital currency withdraws up to 4,000 billion in excess liquidity from the banks and legitimizes a permanent extension of the ECB balance sheet. This “rabbit out of the hat” creates the space to make the Südland debt interest-free and repayment-free on the ECB balance sheet. In order for the euro to become premium, all southern countries with a haircut will receive their own currencies back purely digitally, parallel to the euro, as common cash and book money.
As soon as the last Northland bond has been sold for a Southland bond under TPI, the changeover occurs.
The northern countries will keep the euro and will not get a haircut from the ECB. The result of the whole campaign is that the debt ratio of every euro country is again around 60% of GDP. We are then back in the EWS/ECU, but with the euro instead of the dear DM.
USD/EUR then again at 1.30 instead of 1.05.
I have no idea what's coming, but that would be my preferred solution.
@7OOTnegaTerces
February 14, 2024 at 4:41 pm
A section of the script was lost somehow during editing, there is a clear, if small, jump with no transition at 7:14!
@thatgreenscorpion8221
February 14, 2024 at 4:41 pm
Probably because Italy’s prime minister is openly a literal FASCIST and MUSSOLINI SUPPORTER
@calanmacleod3948
February 14, 2024 at 4:41 pm
It’s just another way to control governments by the EU beurocrates.
@peterjaniceforan3080
February 14, 2024 at 4:41 pm
🇮🇹👎🏼 🇪🇺👍
@craiglakin-ck5ow
February 14, 2024 at 4:41 pm
The Eu commission has lost control of based reality
@hughboyle7251
February 14, 2024 at 4:41 pm
Call 2008 what it really was, a global bank ponzi scheme. Let the banks fail. They still operate the same way and will do it again as often as they can be bailed out.
@marcocarlson1693
February 14, 2024 at 4:41 pm
Italy is stopping it because Italian banks are the strongest, not in Europe, in the whole world. Therefore in a crisis Italy will have to bail out German, French, Dutch, Spanish, and all other banks essentially. So they are against that, yep. All others could still go on with the ESM, without Italy. Problem is they know they can't because the fund needs Italian banks to participate, otherwise it's just a 'fund of debtors', roughly speaking, that doesn't do any real good. So the ESM will not be ratified without Italy. It must be a 'surprise' to you, as you said, but in truth, it isn't in the least.
@philsophkenny
February 14, 2024 at 4:41 pm
😮
@Green1117-gi8jm
February 14, 2024 at 4:41 pm
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@igzom8296
February 14, 2024 at 4:41 pm
Take a shot every time he says "Bank"
@oldreprobate2748
February 14, 2024 at 4:41 pm
Maloni is trash.
@tusek1979
February 14, 2024 at 4:41 pm
Pro-EU fanatics are silent on Poland’s new illiberal turn
@jonathanravenhilllloyd2070
February 14, 2024 at 4:41 pm
I hate how we talk about bailing out banks and forcing austerity on states because banks have made too many insecure loans.
@MatteoRomanelli-kl9fb
February 14, 2024 at 4:41 pm
The explanation is somehow over simplistic but I do agree with the overall analysis. The crisis of 2008 is a result of multiple decades of over spending. Although this over spending between the EU and the US certainly has different root cause we cannot deny that the impacts are similar. Over all we have lived over our means for approximately 80 years. The concept of the infinite growth has been finally debunked. The crisis of 2008 has drastically changed the world and we’ll never get back to lifestyles before that crisis.
@pinkdiamond1847
February 14, 2024 at 4:41 pm
🇪🇺: HUNGARY NOO!
🇭🇺: What?
🇪🇺: Sorry force of habit ITALY NOO!
@TheCountryJournal
February 14, 2024 at 4:41 pm
The ESM is a giant money laundering scheme with extremely limited transparency and accountability. You are forced to prop up and bail out other countries for poor financial decisions.
@solinvictus1234
February 14, 2024 at 4:41 pm
Italy: "is what you get for never having heard our complains about what don't work in EU".
@Miamcoline
February 14, 2024 at 4:41 pm
Very well put. Salvini is pure scum as usual.
@antoniotorcoli702
February 14, 2024 at 4:41 pm
Excellent video. But I can guarantee 100% that the government took a political decision, not a technical one. Minister Giorgetti was ready to sign the ESM, but he was outvoted in the Council of Ministers . The fact is that FDI and Lega campaigned against the ESM before the elections and , given that the european elections are imminent , they can not afford to loose voters by changing stance about the ESM. Btw, Italians voters do not have a clue about how the ESM would work.
@alessandrof.6546
February 14, 2024 at 4:41 pm
Salvini is a liar and an incompetent. Don't listen to what he says. He would say anything for getting a few more votes.
@ashardalondragnipurake
February 14, 2024 at 4:41 pm
the european union was a mistake
@maxdon2001
February 14, 2024 at 4:41 pm
Great video!
@antonleimbach648
February 14, 2024 at 4:41 pm
Give it time, the Italians will flip sides eventually.
@liaminwales
February 14, 2024 at 4:41 pm
Was the move from the gold and lose rules on lending a good idea?
Printing money non stop = massive inflation & bailouts keep the det in the system and dont let bad company's die.
@andreiarama8745
February 14, 2024 at 4:41 pm
They should stop bailing out the banks. A banks goes bankrupt,the state pays to the people that lost their money everything back.
@enricocialdini6194
February 14, 2024 at 4:41 pm
a completely superficial explanation. Ultimately wrong
@michaelhurley3171
February 14, 2024 at 4:41 pm
Not too relevant, but I just want to say that she's the prettiest PM.
@renzoqu
February 14, 2024 at 4:41 pm
One of the weakest economies in the eurozone… 😂😂😂 He is speaking about the third economie of the eurozone and one of the biggest in the world…
@napoleonibonaparte7198
February 14, 2024 at 4:41 pm
Italy living up to its past Mussolini-like raucous behaviour among the West.
@XomB
February 14, 2024 at 4:41 pm
Can we have a tldr on the German farmers protest?
@vadergrd
February 14, 2024 at 4:41 pm
these are not the problem of EU , problems of EU is demographics and lack of innovation
@lukas54cz71
February 14, 2024 at 4:41 pm
Based Gigachad Italy, fighting wokes.
@ryanfalgoretti
February 14, 2024 at 4:41 pm
The problem for Italians is that the ESM Is designed to save Germans bank from bankruptcy, and since as opposed to Germans Italians banks are actually in a good shape there is no desire to put money to help the reckless German banks
@KamiInValhalla
February 14, 2024 at 4:41 pm
They can make it voluntary to get around Italy then so that those that want to join can, and those that don't want to, do not have to.
@Green1117-gi8jm
February 14, 2024 at 4:41 pm
Shalom ……………… Netenyahu has a secret deal with Hamas ………. and he is delaying the investigations so he will not get busted…
@Skay24
February 14, 2024 at 4:41 pm
So now the EU wants to copy the US, give the banks free money for their shitty management. So print print and print money…
@NoName-hg6cc
February 14, 2024 at 4:41 pm
Because Italy is promoting banking union, something GERMANY is stubbornly opposed to.
Are you gonna talk about that?
@tuberroot1112
February 14, 2024 at 4:41 pm
You need to get up to date on EU BAIL-IN rules. Next time there is a bank crisis it individual savers, mostly those who have worked and saved all their lives who will be see their life saving disappear. This is EU directives, put into law by national goverments. Pres. Holland put such a mechanism in place in France in 2015.
@mraei
February 14, 2024 at 4:41 pm
Because sharmeet😆
@ilFrancotti
February 14, 2024 at 4:41 pm
Italy should have vetoed many other treaties long ago.
@usernamechecksout
February 14, 2024 at 4:41 pm
The EU bureaucrats have no end. The EU must fall for the good of Europe.
Don't get me wrong. I used to be very pro-EU and praised the EU to everyone. But recent power-grabs and the incessant interfering with every aspect of our lives has become too much.
I'm a disillusioned, disenfranchised European. I want my freedom and dignity and the bureaucrats in Brussels want the opposite for me.
@marcoct2498
February 14, 2024 at 4:41 pm
Very superficial analysis, but OK. Italy doesn't get much coverage honestly, so we'll take what we can.