Europe risks losing both Italy and the euro

Europe faces the most poisonous North-South showdown since the creation of monetary union. The raw emotions of Covid-19 have brought matters to a head.

“Social cohesion between European countries is being stretched to the point where the resiliency of the EU and the euro can no longer be taken for granted. The risk is greater now than at any previous time,” says Arnaud Marès from Citigroup.

These are strong words from a crisis veteran who once served as Mario Draghi’s right-hand man at the European Central Bank. He has a warning for EU leaders as they meet by videolink to thrash out a pandemic rescue response worthy of the name.

Source: https://www.telegraph.co.uk/business/2020/04/22/europe-faces-moment-truth-one-mistake-risks-losing-italy-euro/

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