The European Union is not resigned to
Italy's refusal to ratify the reform of the European Stability
Mechanism (ESM) bailout fund, an EU sources said on Tuesday.
"We are not giving up," the European official said ahead of
Thursday's Eurogroup meeting
"In general if, at some point, you realise that you are failing
in your efforts, you have to consider trying something else. But
we are not there yet.
"It would be absolutely welcome if political will in Italy
changed and we were able to convince our Italian friends.
"So we are not giving up.
"If there is an opportunity this summer to still seek a positive
solution to the problem, that would be, by far, the best option
for everyone."
Italy is the only eurozone country not to have approved the new
treaty despite coming under significant pressure from Europe to
do so.
Premier Giorgia Meloni said a December vote in the Lower House
to reject ratification of the reform was an opportunity to
reopen discussion in order to make the fund more effective.
The reform is controversial here due to concerns about its
impact on budget sovereignty and Meloni's government has also
said the ESM's resources should be harnessed for growth.
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