04/01/2024 (Agence Europe) – On Thursday 4 January, President of the Italian Council of Ministers, Giorgia Meloni, described as “obsolete” the euro area’s permanent rescue fund, the European Stability Mechanism (ESM), the revision of which has still not been ratified by Italy. The rejection of the ratification of the treaty amending the ESM at the end of December by a majority of Italian MPs, including those from Ms Meloni’s Fratelli d’Italia party, “could be an opportunity to transform this instrument by making it more effective”, she said at a press conference broadcast on X (formerly Twitter), without giving any details. On the reform of the Stability and Growth Pact, on which the Ecofin Council reached an agreement at the end of December (see EUROPE 13318/13), Ms Meloni said she was satisfied with the agreement, even if it was not the pact she had wanted. (MB)