This is a clause designed to safeguard the ESM’s resources, to which Italy is the third biggest contributor. 1. The origins of the European Stability Mechanism The ESM is the response to part of Europe’s ‘incomplete’ economic governance.
The total value of the assets of the pension sector, in October 2021, reached 2.29 billion Euros, compared to 2.07 billion in October 2020, which corresponds to an annual increase of 10.7 percent. The pension sector marked a positive financial performance, marking a return on investment of about 133 million Euros. New pension contributions during this period amounted to about 157 million Euros.