Zilioli (ECB) reported on the progress that has been made in converting the ESM into a full-fledged EMF, which should make future sovereign crises easier to handle (by an explicit mandate to restructure an unsustainable sovereign debt burden, provision
of liquidity to financially distressed Eurozone governments, but also with policy conditionality) and would be a more institutionalized replacement for the Troika. On the other hand, Maria
Cannata from the Italian Treasury thinks it is rather risky to discuss debt restructuring in the first place, so as to not invite speculative attacks. She insisted that Italian sovereign debt is categorically sustainable, in spite of doubts expressed
by academics (e.g., by co-organizer Ugo Panizza and Barry Eichengreen). Is the problem really solved if we do not talk about it, I wonder? And do such sustainability
predictions rely on permanently low interest rates?