Choose EU or face S. American risks -ABI

Italian banking chief Patuelli warns of vortex of nationalism

(ANSA) - Rome, July 10 - Antonio Patuelli, the president of Italian banking association ABI, said Tuesday that Italy should commit wholeheartedly to the European project or risk the negative fate of some countries in South America.
    Patuelli said that Italy's "strategic choice" must be to "participate more in the European Union" with "greater commitment in common responsibilities".
    Otherwise, he warned, the Italian economy could "end up in the vortex of a Mediterranean nationalism very similar to the South American one". Patuelli said that in Argentina "the discount rate has reached 40%" adding that "with the Italian lira in the 1980s the discount rate was 19%".