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'EU is LOST!' EU Commission candidate warns Italy clash could cause second euro CRISIS

November 19, 2018 5:54 PM
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'EU is LOST!' EU Commission candidate warns Italy clash could cause second euro CRISIS

GERMAN MEP Manfred Weber warned Italy's controversial budget plans could cause a second big financial crisis in Greece and Spain unless the founder member state accepts to make a U-turn on its political direction.

Speaking to France24, the EPP candidate for the European Commission Presidency after Jean-Claude Juncker said Italy should reconsider its position on its 2019 budget plan to safeguard the integrity of the eurozone. Mr Weber argued the Commission has already shown "a lot of flexibility" towards Italy and it was time the new eurosceptic Italian Government followed the bloc's rules.

Mr Weber warned Italy's defiant position could be very costly to fellow member states Spain and Greece and cause another major financial crash.

He said: “The Commission showed a lot of flexibility in the last years when there is an implementation of the rules we agreed on.

“The rules are not received from heaven, they are decided by the members of the European Union, by the member states of the European Union.

“They describe the conditions for our common currency and the idea is simply to stick to what you agreed a few years ago.

“I am very happy that the Commission was very clear towards Italy, and you must see this not as an Italian problem alone.

Source: express.co.uk

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