Rethinking the role of the European Stability Mechanism for local communities

ABSTRACT

The Covid19-related emergency has changed our perspectives on individual and collective priorities. One of them is to invest on infrastructures at the level of local communities, where most social and economic relations take place. This note explores the possibility to use a fully fledged European Stability Mechanism for this purpose. This would provide a solution to the required transformation of the ESM from a temporary instrument for financial assistance into a growth-promoting fund.

KEYWORDS:

• ESM
• local communities
• infrastructures
• local investments

Disclosure statement

No potential conflict of interest was reported by the author(s).

Notes

1 In the USA too, there is an increasing awareness on the need to return to a more decentralized, genuinely multilayered, federal structure of the State.

Additional information

Notes on contributors

Alfonso Iozzo

Alfonso Iozzo is President of Centro Studi sul Federalismo and former Chairman of Cassa Depositi e Prestiti.

Fabio Masini

Fabio Masini is Jean Monnet Chair on European Economic Governance at Roma Tre University.