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Italy's euroskeptic candidate for economy minister seeks to reassure president

28 May 2018

On Saturday, the far-right League party and the anti-establishment 5-Star Movement stuck by Savona, challenging Mattarella to accept him or risk another election later this year.

Italian prime minister-designate Giuseppe Conte on Sunday remitted his mandate after President Sergio Mattarella nixed his choice of euroskeptic economist Paolo Savona as finance minister.

The economy ministry "always constitutes an immediate message of trust or alarm" for financial markets, Mattarella said, adding that he had asked for someone who was not "supporting a position expressed a couple of times that could probably, or in fact inevitably, provoke Italy's exit from the euro".

"The incredible thing is that President Mattarella has not only stopped this government, but is trying to force the government that is the expression of his own will", Stefano said.

Italy's outgoing economy minister, Pier Carlo Padoan, said in a TV interview Sunday that the real problem isn't Savona, whom he described as having a good background for the post. In a new book, Savona, described Italy's adoption of the euro as a "historic error", according to media accounts.

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Italy has been without a government since elections in March because no political group can form a majority.

Markets rallied on the news that Italy's economy, the euro zone's third-biggest, would not be guided by a government hostile to the single currency.

"The adhesion to the euro is a choice of fundamental importance for the perspectives of our country and our youth", Mattarella said.

"If there's not the OK of Berlin, Paris or Brussels, a government can not be formed in Italy". Under that clause, parliament can demand a president leave office if a simple majority of lawmakers votes in favor.

"We hope that Italy will have a stable, pro-European government soon", Roth said on arrival to a meeting of European Union foreign ministers in Brussels.

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A former judge of Italy's constitutional court, Mattarella has refused to bow to what he saw as "diktats" from the two parties which he considered contrary to the country's interests.

"I want this institutional crisis to be taken to parliament. and the president tried", he added, specifying the charges would made under article 90 of the constitution.

The Milan stock exchange opened higher Monday and the spread of points between Italy's bonds and benchmark German bonds, which had grown alarmingly last week, fell slightly.

Germany's deputy foreign minister says he hopes there will be a "stable, pro-European" government in Italy soon, but has acknowledged that his country is in no position to offer advice after its own long-drawn-out effort to form a new administration.

In televised remarks to the nation, Mattarella explained that he could not approve of a finance minister who would "probably or nearly certainly bring about Italy's exit from the eurozone".

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Italy's euroskeptic candidate for economy minister seeks to reassure president