Italy not leaving the euro: 5Star bigwig
Italexit is not an option, at least according to the 5Star Movements “Mr. Wolf.”
Alfonso Bonafede, a 5Star parliamentarian whose name was floated in Italian media Wednesday as a potential prime minister, ruled out Italy leaving the EUs currency union.
“We do not want to destroy, and the euro is not in question,” Bonafede told POLITICO. “We want to rebuild the dialogue among EU states under equal conditions, without moral lectures or political impositions from certain states that are today dominant.”
A close ally of the movements leader Luigi Di Maio, the 42-year-old Bonafede, a lawyer by training, has built a reputation for being a problem solver, hence the nickname Mr. Wolf, a reference to the fixer in Quentin Tarantinos “Pulp Fiction.”
While markets might breathe a sigh of relief at his comments, he also came out hard against what he described as EU imposed austerity. “The deflationary impositions of the European Union suffocate internal demand, investment and employment,” he said. “The discussion needs to be urgently reopened.”
The lawmaker also accused Brussels of being dominated by “bureaucratic practice” rather than “democratic dialogue” and advocated for greater powers for the European Parliament, arguing that the institution “must be strengthened and must become the main continental legislative body.
“At present, it is an organ without effective powers that ratifies decisions taken elsewhere,” he said.
French and German banks were also targets of the lawmaker: “You need more homogeneous rules that take into account not only the deteriorated loans that Italian banks are full of but also the toxic assets that weigh on the balance sheets of German and French banks,” he said, adding that otherwise “we are witnessing a siege planned against our private savings.”
The 5Stars and the League, which have been in talks to form a governing coalition for days, have said they expect to have an accord and government ready to present to Italian President Sergio Mattarella “before Monday.”