Italian European Affairs Minister Paolo Savona warned today that the country had to be ready for “all eventualities” on its Eurozone membership. He told a panel in the Senate that “we may find ourselves in a position where it’s not we who decide but others.” Hence, “my position regarding a Plan B … is that we have to be ready for all eventualities.”
Savona is a known eurosceptic who’s nomination as Economy Minister was veto by President President Sergio Mattarella earlier this year. That led to academic Giovanni Tria taking up that post to solve the political and constitutional crisis.
Bank of Italy Governor Ignazio Visco warned today that the country is now much more vulnerable than 10 years ago should another financial crisis hit. Visco urged “prudence and far-sightedness are needed to avoid (market) tensions and to avoid leaving Italians with a higher debt and lower income in the future.” Visco added that “there is certainly a need for public investments, to be chosen and implemented with maximum efficiency, just as there is a need for a broad and balanced tax reform.”