How the European Stability Mechanism can help Italy
By Ignazio Angeloni
There is a solid and relatively trouble-free way to help Italy and overcome the European Central Bank’s problem of ‘fragmentation’. Italy should turn to the European Stability Mechanism, the European Union’s financial support scheme. It should apply for a credit line under the ESM’s precautionary facility, designed for countries whose financial situation is fundamentally sound. This facility represents the right way forward – protecting both Italy and the future functioning of monetary union.
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