Italy’s Withdrawal From Eurozone ‘Would Be a Great Shock for Europe’
SputnikNews.com
02.01.2017
Italy may sooner or later leave the Eurozone and this could result in other European countries following suit, head of the German Institute for Economic Research, Clemens Fuest told German newspaper Der Tagespiegel.
“The level of welfare in Italy is now as it was in 2000. If nothing changes in this regard, the Italians can say at some point: ‘We don’t want the Eurozone anymore,'” the expert said.
According to Fuest, the European Union is increasingly drifting apart, and Italy’s potential withdrawal from the monetary Union would have drastic consequences for Europe’s unity. “This would be a great shock. There is a danger that other states (like Greece, Portugal and Spain) will follow,” the expert noted.
“Eastern states are also increasingly distancing themselves from Europe. This is dangerous, because what Europe needs right now, is stability.”
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