The known Eurosceptic Italian Minister for European Affairs Paolo Savona said he fully backed the Euro as it’s “indispensable” even though the currency union needs to be “perfected” in regards to its system of governance. He urged that the ECB should be given a “new statute” similar to Federal Reserve. And, it’s “fundamental that the ECB should be able to act on exchange rates.” A so called “Plan B” was laid out in his book, written just before becoming minister, for an orderly exit from Euro if necessary. Savona emphasized that was written as a “analyst”. He said “there is no plan B and I never asked to leave.”
Savona, who has been highly critical on Germany, said that it’s a “great country from many points of view, culturally, economically and politically.” But he pointed out a major difference between him and many German economists. He noted that “they tend to see stability as a necessary condition for growth, while I am part of a group who sees growth as a necessary condition for stability.”
Italy was nearly in another political an constitutional crisis after President Sergio Mattarella vetoed Savona as economy minister. The anti-establiahment coalition of 5-Star Movement and the League quitted forming the government. But then, they came back with Giovanni Tria as Economy Minister and kept Savona in the cabinet as Minister for European Affairs
