An eventual exit of Italy from the
European Union would be "a shock" for the Eurozone that would
"threaten its survival", Giuseppe Vegas, the president of
stock-market regulator CONSOB, said on Monday.
"An 'Italexit' scenario would jeopardise stability, the
proper functioning of the financial system and the preservation
of the market," Vegas added.
He added that an initial, provisional evaluation of the
application of European Central Bank bail-in rules "cannot be
said to be positive".
"The very rules that Europe gave itself to ensure stability
have in this case shown themselves to be a factor of
instability," Vegas said.
"The management of crises may require timely intervention
that is not compatible with the mechanisms in Frankfurt and
Brussels," he added.
In his annual speech to the financial market, he said that
Italy must prepare itself for the tightening of the European
Central Bank's monetary policy.
"Inflation is gradually returning to the area of the 2%
target, while in the United States a monetary increase is taking
place," Vegas said.
"Italy will have to prepare to face a new situation, in which
it will no longer be possible to count on the external support
of monetary leverage".
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