It is important to understand what happened on the approval of the European Mechanism of Stability by the Italian Parliament.
Note from the translator: the European Mechanism of Stability is a private financial organization from Luxembourg established on September 2012. It was thought as a loan mechanism for the European countries struggling with debt problems. It was heavily dismissed by the Italian public opinion as a loan sharking system.
The difficult political controversies on the ESM had a great impact on the public opinion, as it is very difficult now to distinguish the truth from multiple suggestions. The European Parliament approved the ESM on March 2011. It is now clear that political, financial and ideological problems are not dissolved. These concerns are based on the conflict between pro-European and anti-European activists, or – better to say – from opposed conceptions of what the European Union is and what its economic policies are. This aspects are now strongly leaving Italy amid controversies, especially in between the parliamentary majority and the opposition.
As I am a History scholary, but not an Economist, I would avoid the technical aspect of the problem, giving a small contribution to the topic relying to a timeline basis. The ESM was approved between 2011 and 2012, hence in the years of the Berlusconi and Monti Cabinets.
- The draft law on the approval of ESM ( sept 2011) was made by the Berlusconi Cabinet, in which Giorgia Meloni, the incumbent leader of Brothers of Italy, was the Ministry of Youth. The government was backed by Berlusconi’s political pary, a.k.a. The People of Freedom, the Northern League and the Autonomy Movement. The Northern League voted against the ESM on the occasion of its approval from the European Parliament.
- The ESM was approved by the Italian Parliament in 2012 during the time of Monti Cabinet. The Norther League, then led by Roberto Maroni, voted against it.
- The majority of Berlusconi’s People of Freedom voted for the ESM, but some members voted strongly against. Guido Crosetto, one of the founders of Brothers of Italy, was among the dissenters.
- The party known today as Brothers of Italy still did not exist. This measure was a step forward to the split amid the Berlusconi’s party, in which the sovereignists decided to found another party. This decision effectively took place some months after.
- Giorgia Meloni, the incumbent leader of Brothers of Italy, was not a Minister of Monti Cabinet and did not vote for ESM. She was absent for the ballot.
- The Democratic Party, then led by Bersani, voted massively for the ESM.
At the end the ESM was definitely approved by the will of the then Italian PM Mario Monti with the decisive approval from the Bersani led Democratic Party and the Berlusconi led People of Freedom. The latter split in two in the aftermath of the vote and led to the birth of a new party named Brothers of Italy.
Sources (In Italian)
- https://parlamento16.openpolis.it/votazione/camera/trattato-di-istituzione-del-mes-ddl-5359-voto-finale/39325
- https://www.google.com/amp/s/www.bufale.net/giorgia-meloni-e-la-firma-sul-mes-tra-2011-e-2012-nessun-voto-contrario-con-pdl-e-da-ministro/amp/
- https://www.google.com/amp/s/www.giornalettismo.com/giorgia-meloni-voto-mes/amp/
- http://temi.repubblica.it/espresso-open-politix/2012/07/25/litalia-ratifica-i-trattati-sul-fiscal-compact-e-mes-i-dettagli-delle-votazioni/
- https://it.m.wikipedia.org/wiki/Meccanismo_europeo_di_stabilitร
- https://www.google.com/amp/s/www.ilpost.it/2020/04/11/mes-salvini-conte-meloni/amp/
Further clarifications
Further controversies concerns the role of Tremonti, the then Ministry of Economy for the 4th and last Berlusconi Cabinet, who signed the draft law in 2011. Giuseppe Conte, former PM of Italy in 2020, accused Tremonti of being the promoter of ESM alongside with Berlusconi in 2010.
In Giulio Tremonti’s own word (from TPI https://www.google.com/amp/s/www.tpi.it/economia/tremonti-conte-mes-eurobond-20200411584180/amp/):
Conte always mentions Eurobonds, but doesn’t know of its history. I was in favor of a Solidarity Fund, a State-saving Fund [ESM, ed], funded precisely by common debt issuance at European level, the Eurobonds. In those months, at the Eurogroup mentioned by you, I pursued that goal by winning some partners. It’s proved by an article published by the Financial Times on December 6th, 2010 and signed by Giulio Tremonti and Jean-Claude Junker. The title was: โEurobonds would end the crisisโ. As the solution to end crisis, we offered the opportunity of the Eurobond issuance in order to finance a State-saving Fund. Loans to countries under stress would have been hit by the issuance of common European assets. We did not offer to balance this help with Draconian measures as the ones made by the Troika, thanks to which we noticed a devastating impact on Greece. It was the kind of ESM to which I was then working on. I would never signed a treat imposing the Troika. And I didn’t do it.
Giulio Tremonti
Translated from Italian by
Marco Di Caprio




















