Though it was not designed to help the real economy, the newly born European Stability Mechanism (ESM) will contribute to the eurozone's recovery in the long term, Italian analysts said on Monday.

"The ESM was created to stabilize the borrowing costs of weaker economies, and I am confident it will be a good deterrent against international speculation," Carlo Montenovesi, chairman of Milan-based mergers and acquisitions company Cross Border, told Xinhua.

The permanent bailout mechanism could also support the European real economy by injecting liquidity into its banking system, but that would not succed in the short term, he added.

"As until now banks have generally used the financial aids to clean up their balance sheets instead of supporting companies... it is likely that there will be practically nothing left for industries and growth in the short term," he said.

"The ESM was not designed to help companies. Implementing another mechanism that recapitalizes banks on the condition that they help those businesses in need could be a further positive step forwards," Montenovesi said.

Marco Vitale, the chairman of strategic-economic consulting firm Vitale Novello & Co., agreed that the ESM was "a beginning, and not an arrival point."

In his view, the rescue mechanism will find only in the future "the space needed to ensure adequate resources, turning into a kind of EMF, or European Monetary Fund."

Vitale was confident that Europe would overcome its debt crisis and become stronger, "but will make it through tormented, confused and imperfect interventions, although functional and realistic in the end."

He told Xinhua that, being the financial economy and the real economy closely interconnected, the ESM would come to support the real economy of weaker member states.

Though agreeing that the Italian fundamentals are solid, local analysts did not rule out the posibility that Rome could turn to the ESM for aid if the government resulting from elections in spring 2013 is not able to follow through the austerity policy started by the non-political cabinet led by Prime Minister Mario Monti.

Hailing the formal launch and inaugural board meeting of the ESM in Luxembourg on Monday, Economy Minister Vittorio Grilli, however, said Italy was "making very good progress" thus "in this moment does not need to ask for any special help."

The much-awaited 500-billion-euro (648-billion-U.S. dollars) fund is expected to work together with the European Central Bank's (ECB) bond purchasing program to tackle the economic crisis in the single-currency region.