by Paolo Maddalena, Vice President Emeritus of the Constitutional Court and President of the association "Implementing the Constitution"
Source: https://www.lantidiplomatico.it/dettnews-paolo_maddalena_siamo_con_le_spalle_al_muro_o_stampiamo_moneta_o_svenderemo_litalia/11_34938/
Yesterday, late in the evening, the Council of Ministers gave notice of the decree law that provides for economic measures to relaunch the Italian economy after the pernicious effects of the corona virus.
It amounts to 55 billion (a sum representing at least two nominal financial manoeuvres), issued in deficit, in favour of all the categories affected and above all to help companies in their economic recovery.
In the meantime, the Recovery Fund is once again being discussed in Europe, for the granting of which there are important limits, namely the guarantee of the States, and further forms of control by the Commission.
It is important to note that Spain, Greece and Portugal claim to have a good position with regard to the markets, and that they will not refer to the EMS.
In this context, it is more evident that the effort made by Italy, by increasing its deficit, is likely to be insufficient to achieve the proposed objectives.
Another important piece of news is that, on 12 May, the European Union granted a derogation from the denial of State aid, provided for in the Treaties, to help companies and banks, with sums that are linked to the budgetary situation of the individual States, so that, while Germany will be able to borrow one trillion, Italy will not be able to borrow more than 300 billion.
What is surprising in this picture is that in Europe neoliberal thinking is going crazy and there is no country that thinks about printing money. A fact that evidently sees Germany and Holland in particular as hostile, besides Austria and other Northern countries, which conceive the liberalist economy a system that benefits them to the detriment of the weaker countries.
It is symptomatic that Sweden, which is not part of the Euro zone, has decided to print 30 billion, as do the rest of the USA, Japan, China and the other states of the world.
In this situation it is clear that Italy has been cornered and that it will be very difficult for us to emerge unscathed from this economic impasse.
It would be suicidal for us to draw on the EMS and also on the Recovery Fund, which would constitute other slipknots around our necks, thus worsening our situation, and it is clear that the only remedy we have is that, made necessary by the situation in which we find ourselves, to print money.
In fact, if we think that all our enormous deficit must be guaranteed by the State, it is clear that our guarantees are reduced to the entire Italian territory with all the sources of wealth production that it contains.
Our salvation, today more than ever, is entrusted to the principles of our Constitution, which, in Article 11, states that Italy: "allows limitations of sovereignty", "on equal terms with other States", in order to obtain an order "that ensures peace and justice between nations", and not to let the interests of other States prevail, as well as Article 117, paragraph 1, letter e), which attributes to the exclusive legislation of the State the protection of money and savings. Therefore, we are left with no other way than to introduce legal tender currency into our territory (which, in the situation in which we find ourselves, cannot be considered forbidden by the Treaties) and to provide as widely as possible for the nationalisation of essential public services, energy sources and monopoly situations, as provided for in Article 43 of the Constitution.
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