The third largest economy in the European Union (EU) is in crisis, and all of Europe risks suffering the consequences. Brussels is closely following political developments in Italy where the Prime Minister has presented his resignation, refused by President Sergio Mattarella. Italian European Commissioner Paolo Gentiloni, responsible for the economy, said to himself “stunned and concerned” by the situation in his country of origin. “In a context of inflation, war, geopolitical tensions, soaring prices, stability is a value in itself. What we need is cohesion, and not adding instability to instability! »
In the European Parliament, concern is in order
In the ranks of the European Parliament too, there is concern: this “instability added to instability”for Portuguese MEP Maria da Graça Carvalho, member of the European People’s Party (EPP) group, it is “terrible news for Italy and for Europe”. According to Italian MEP Sandro Gozi, elected on the French Renaissance list, “Mario Draghi is indispensable to Italy and to Europe. Thanks to him, the country regained a central place in the EU. It led him to play a constructive role in Europe’s response to the war in Ukraine, especially with the sanctions against Russia. He has the confidence of both Paris and Washington, he pleads for a common response to the energy crisis… The list is long! Also and above all, it has developed a serious and functional implementation framework for the “Next generation EU” recovery plan”. Thus, for this elected member of the Renew Europe (RE) group, “the success of the European recovery plan will not happen without Rome”.
Indeed, within the framework of this reconstruction plan common to the 27 Member States (on which they painfully agreed, in the summer of 2020 before Mario Draghi came to power in February 2021), Italy must receive 68.9 billion euros in grants and 122.6 billion euros in loans – spread out until 2023. Along with Spain, Italy is the main beneficiary of the plan. However, to benefit from European funds, European capitals must demonstrate to the Commission that they will use these financial envelopes wisely (by supporting the green and digital transition, in particular).
“Mario Draghi has established himself as the person who could ensure this transition in Italy and ensure that the recovery plan is used as well as possible. This pledge of seriousness reassured the Europeans,” says Pascale Joannin, general manager of the Robert-Schuman Foundation.
Mario Draghi determined to reform Europe
“But if the current crisis leads to early elections, the risk is that extremists will come to power who will have an attitude worthy of that of Hungary or Poland, and who will consider the recovery plan as too ambitious. ecologically. There would then be a major point of divergence between Brussels and Rome, and it must be avoided,” further comments Sandro Gozi.
In Brussels, the former President of the European Central Bank (ECB) made an impression with his famous « Whatever it takes »in 2012, when he swore that the European Monetary Institute, in Frankfurt-am-Main, would “everything possible” pour “save the euro”. Within the European Council, the cenacle which brings together the leaders of the Old Continent, Mario Draghi, 74, has imposed himself by his determination to reform Europe. And President Emmanuel Macron sees him as an ally of choice in shaping the future of the Union.
Thus, before the European Parliament at the beginning of May, Mario Draghi had for example called for “going beyond the principle of unanimity (which prevails, among other things, for tax or foreign policy decisions, Editor’s note) and move towards decisions taken by qualified majority, for a Europe capable of taking decisions within a reasonable timeframe”. As for Italy, will it be able to?