(Finance) – The president of the Eurogroup, Paschal Donohoe, announced that Minister Giancarlo Giorgetti updated the meeting on the situation after the negative vote on the ratification of the ESM treaty. “Of course we cannot make progress on this front. Failure to ratify – said Donohoe at the press conference – means that our efforts to build a banking union continue to lack common support for the Single Resolution Fund and they keep missing by one instrument powerful to help us deal with the effects of banking difficulties.”
“Giorgetti provided a very factual overview of recent developments within the Italian Parliament. We are committed to continuing to collaborate with him,” added the Eurogroup president. After the exchange with Giorgetti “at the moment the only commitment there is is to reflect on the consequences of Italy’s decision” and return to this issue in the future”, underlined Donohoe, highlighting that “there is a desire to part of everyone to listen carefully to Giorgetti and engage with him to see if it is possible to find a way to strengthen ours Union banking“.
the Director General of the European Stability Mechanism, Pierre Gramegnaspoke of “amissed opportunity to make the Eurozone more resilient and strengthen the Banking Union”. “With this lack of ratification, many issues remain pending”, he underlined. “Fortunately – he added – it happened at a time when we do not have a financial crisis in course”.
The European Commissioner for Economy, Paul Gentlemenin the press conference at the end of the Eurogroup he finally announced that the European Commission will update his economic forecasts on February 15 and on that occasion it will be able to provide an assessment of the possible impact of the problems on cargo traffic in the Red Sea. If the problems caused by the militiamen Houthis “Should they persist or worsen, there would be possible repercussions for energy prices and supply chains, which could once again fuel inflationary pressures”, explained Gentiloni.