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Galli su nuovo Trattato ESM
Testo integrale

Tks @SilvanoSalviato
drive.google.com/file/d/1VCk_4g…
0️⃣ INCIPIT
Galli : <MES rappresenta una notevole manifestazione di solidarietà 🤦🏻‍♂️ dei paesi più solidi dell’Eurozona, a cominciare dalla Germania ... nei confronti dei paesi più fragili, tra cui il nostro>

👉 Peccato i NOSTRI soldi, li abbiano investiti in Bund ed OAT 😖
Galli : <i prestiti del MES sono la porta di accesso alle OMT (Outright Monetary Transactions) della Banca Centrale Europea>

👉 Sì. This is key
Read 34 tweets
<Une bataille aux nombreuses arrière-pensées politiques qui pourrait coûter cher à la France>
lesechos.fr/monde/europe/s…
Les Echos : <Derrière Goulard, c'est bien Macron qui est visé ... La rivalité s'est cristallisée lors de la bataille, cet été, du « Spitzenkandidat » ... Emmanuel Macron a mené l'attaque. Il a obtenu gain de cause. Il en paie à présent le prix>
Read 27 tweets
Clemens Fuest : <the rest of the euro zone must be shielded from Italian sovereign default as much as possible so as not to be blackmailed>
Via @filippo_nesi
handelsblatt.com/meinung/gastbe…
Fuerst : <This a government that accepts a crisis and then insists on either forcing aid from other countries or leaving the euro.
Although Salvini has stated that leaving the euro would not be "on the agenda", his policies are pointing the other way>
Fuerst : <A country with its own currency can afford high public debt, because in an emergency it has the opportunity to obtain loans from its central bank and to stabilize the economy through currency devaluation>
👉 Tedeschi per la Lira😎
Read 26 tweets
Euro Summit concludes with rather thin statement, basically kicking the can down the road to Dec and the important questions down to ministers. The spirit of #Meseberg has survived damaged – coming months will show by how much.

Five takeaways:
consilium.europa.eu/media/35999/29…
(1) First things first, the summit did not deliver. Macron wanted the budget and did not get it. Merkel (and Regling) wanted a stronger ESM and did not really get it. Very unclear what the rest wanted, but given usual commitments to strengthening EMU, they did not get that either
(2) The Franco-German position clearly did not muster enough support this time around. This can be due to timing or method, due to substance (to be seen how cohesive the 12 are) or due to differences in ownership for the position. We don't know yet.
Read 6 tweets

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