Berlin, Italy wants to remain in the single European currency and the European Union, Industry and Welfare Minister Luigi Di Maio said on Monday amid a standoff with Brussels over the populist government’s plan to flout EU fiscal rules and triple the deficit next year to cut taxes and boost welfare spending.
“The government does not want to leave the euro. It does not want to leave the EU either. We want to stay and to use this historic juncture to change the bloc,” Di Maio told reporters during a visit to Berlin.
Before travelling to Berlin for talks with Economy and Energy Minister Peter Altmaier, Di Maio vowed that the 25 European Parliament elections next year would be an “earthquake”.
During his one-day visit to Berlin, Di Maio will also meet Germany’s Labour and Social Affairs Minister Hubertus Heil, according to the Italian embassy. Di Maio known to admire Germany’s system of welfare and network of job centres which he has described as the best in Europe.
As the government refuses to bow to pressure from Brussels over its plan to run a 2.4 percent deficit next year, Italy’s 10-year bond yield soared to a four-year high, banking stocks plunged on Monday and the euro weakened.
Italy’s benchmark Ftsemib stock index fell on Monday to its lowest level since April year.
