What the president of the Senate Finance Committee said about Gualtieri, Mes, Recovery Fund and ECB, the economist Alberto Bagnai (Lega) interviewed by Daniele Capezzone for the newspaper La Verità
(We publish a short excerpt of the interview by Daniele Capezzone to Alberto Bagnai for the newspaper La Verità founded and directed by Maurizio Belpietro in which we speak, among other things, of Mes, Recovery Fund, ECB and beyond.
"There is the fact that the Democratic Party needs Europe to remain in power, and some trade associations need (I emphasize: at this moment) the Democratic Party, given that the Democratic Party is in government … The equation is: Democratic Party equal Europe equal Mes ".
President Bagnai, your opponents would object: you are sovereign, but now do you like the Euro and the ECB?
“But we are anchored in the reality principle. We are not like the Democratic Party, which dreams of a Europe that does not exist. We want to act in the Europe that exists. In the current EU, the only functioning and sovereign institution is the ECB ".
Let's go back to ECB purchases. The announcement is even more comforting given the excellent performance of our auctions.
“We are today in a liquid market condition also as a result of the first plan announced by the ECB, that of 750 billion. And in fact, on what is the European 'ideological engine', the VoxEu.org blog, the political portal of Cepr, a think tank supported by the ECB, the Commission, large banks, where economists express themselves which dictate the line they know they can dictate. , it has long been praised by the ECB for the purchase of debt. By the way, our politicians don't know it, but if a security ends up in a central bank it becomes at zero cost or almost for those who issued it. It is as if we financed ourselves with money, a zero interest activity ”.
Who despite all this wants the Mes, the Recovery Fund, tools with controls and conditions, considers them no longer a means, but an end …
“The premise is that if the Treasury places securities, it does what it wants with that money. If, on the other hand, it turns to any EU institution, with that money it must do what the EU institution wants. As for the reversal between means and ends, we have been saying it since March: in the use of those instruments there is no economic rationality. I see that even the newspapers, let's call them the Potemkin Battleships of information, realize that that money would be 'little, damned and too late' ”.
So those who want them aim to chain Italy to an external bond.
"It aims to pre-establish the legal basis for commissioning the country when there is a conservative government."
Then we should ask Minister Gualtieri for an account of the months of delay with which it was decided to make the latest issues.
“The historian who will not go down in history, I mean Gualtieri, had made his debut in March asking for a difference of just 3.6 billion and talking about a 'manageable' drop in GDP. We were amazed: it was dazzling that they hadn't understood anything. It makes no sense that Italy had negative net issues in the first quarter, that is, repayments. And therefore that delay appears painful, aimed at pre-establishing a condition of liquidity crisis. Not surprisingly, the president of INPS Tridico raised alarms about the lack of money for pensions … Yet the first announcement of the ECB was in mid-March ".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tutti-gli-errori-di-gualtieri-non-solo-sul-mes-parla-bagnai-lega/?utm_source=rss&utm_medium=rss&utm_campaign=tutti-gli-errori-di-gualtieri-non-solo-sul-mes-parla-bagnai-lega on Sat, 06 Jun 2020 19:43:32 +0000.