503 COMMENTS THE NON-RATIFICATION OF THE CHANGES TO THE ESM: CONTRADICTIONS, IMPLICATIONS, AND PERSPECTIVES Angela Ferrari Zumbini* TABLE OF CONTENTS 1. Introduction.....................................................................................503 2. The changes to the ESM submitted for ratification......................504 3. The arguments put forward by the Italian Government, and the case law of the German Bundesverfassungsgericht..........504 4. Some contradictions........................................................................505 5. Practical implications......................................................................506 6. Future perspectives.........................................................................507 1. Introduction The issue surrounding the ratification of changes to the European Stability Mechanism (ESM) has sparked a heated political and institutional debate In Italy. After an intense clash of opinions, with differing – if not opposing – views on the reform of European economic governance, the Chamber of Deputies, on Thursday 21 December 2023, rejected authorisation of the law ratifying and implementing the Agreement Amending the Treaty establishing the ESM, which was drawn up in Brussels on 27 January and 8 February 2021. The law was rejected with 184 votes against, 72 in favour, and 44 abstentions. * Associate Professor of Administrative Law, University of Naples Federico II