Brussels, 19/07/2012 (Agence Europe) - On Thursday 19 July, Italy gave its go-ahead for a treaty on stability, coordination and governance within the Economic and Monetary Union and for the European Stability Mechanism (ESM). Both texts were adopted by a very large parliamentary majority.
The European budget treaty was therefore adopted by 380 votes to 59, with 36 abstentions, in compliance with the wishes of the government, which had wanted to conclude the ratification process before the summer break in August. The two main Centre-Right and Left parties, which support the government of Mario Monti, voted in favour. Only the populist Northern League, the former ally of the Silvio Berlusconi government, voted against, whilst the Italy of Values party (IDV, Left) abstained. Since it was passed in the Senate on 12 July, the text has therefore been definitively adopted in Italy.
MPs also voted by 325 to 53, with 36 abstentions, to approve the ESM (the permanent crisis management mechanism) designed to help strengthen confidence, solidarity and financial stability in the eurozone.
The European budgetary treaty was ratified by the European Council on 30 January 2012. It will apply as soon as 12 member states have ratified it. Italy is the 12th European country to approve the budgetary pact but some have not formally ratified it, and is the 8th in the eurozone to have done so. This mechanism is due to replace the European Financial Stability Fund (EFSF) set up in 2010 to help countries in financial difficulty. The ESM will have an initial lending capacity of €500 billion. It was expected to be launched on 1 July but has suffered delays. (LC/transl.fl)