Eurozone Ministers Offer Early Praise To Italy Populists

Eurozone finance ministers on Thursday gave cautious praise to the incoming Italian government and minimised the likelihood that the populist coalition in Rome could spark a Greek-style crisis

Brussels, (UrduPoint / Pakistan Point News - 24th May, 2018 ) :Eurozone finance ministers on Thursday gave cautious praise to the incoming Italian government and minimised the likelihood that the populist coalition in Rome could spark a Greek-style crisis.

"It is a very good sign that the future Italian prime minister has made a very pro-European statement," German Finance Minister Olaf Scholz told reporters as he arrived for regular talks with his eurozone counterparts.

"...That he wants to abide by the rules jointly agreed in Europe with his government," Scholz said in reference to comments made by Giuseppe Conte, Italy's nominee to be prime minister. Fears are widespread in European capitals that Italy, a founder member of both the EU and the euro, could trigger a new eurozone crisis by refusing to stick to public spending and debt targets set by Brussels.

However following his confirmation as premier designate late on Wednesday, 53-year-old lawyer Conte struck a conciliatory tone towards Europe despite his coalition's promises to thwart the EU. "I'm ready to defend the interests of Italians in Europe and internationally, maintaining dialogue with European institutions and representatives of other countries," Conte told reporters late Wednesday.

France, which had originally issued a warning to the incoming coalition in Italy, also welcomed the opening by Conte. "We have all noted positively the first statements by the Italian Prime Minister, who has committed himself specifically to respecting European rules," said French Economy Minister Bruno Le Maire.

"This is a positive signal and we want to work constructively with Italy and we will make judgements on actions", he added. Le Maire on Sunday had warned that decisions taken by Italy could threaten the stability of the eurozone, drawing a furious reaction from Rome.

Maltese Finance Minister Edward Scicluna underlined the emergence of "disruptive politics". "Overall it will do some good to the EU and the establishment because a lot of searching questions will be asked," he said. "However, if it is just a question of ... borrowing and spending then unfortunately it will be a replay of Greece and so on," Scicluna added.