'EU is LOST!' Italy clash could cause second euro CRISIS warns EU Commission candidate

GERMAN MEP Manfred Weber warned Italy's controversial budget plans could cause a second big financial crisis in Greece and Spain unless the founder member state accepts to make a U-turn on its political direction.

By Alessandra Scotto di Santolo, World News Reporter

Italy and EU clash could bring 'CRISIS' back says Manfred Weber

Speaking to France24, the EPP candidate for the European Commission Presidency after Jean-Claude Juncker said should reconsider its position on its 2019 budget plan to safeguard the integrity of the eurozone. Mr Weber argued the Commission has already shown "a lot of flexibility" towards Italy and it was time the new eurosceptic Italian Government followed the bloc's rules.

Mr Weber warned Italy's defiant position could be very costly to fellow member states Spain and Greece and cause another major financial crash. 

He said: “The Commission showed a lot of flexibility in the last years when there is an implementation of the rules we agreed on.

“The rules are not received from heaven, they are decided by the members of the European Union, by the member states of the European Union.

“They describe the conditions for our common currency and the idea is simply to stick to what you agreed a few years ago.

“That is what we have to do.

eu news italy matteo salvini budget row european commission

EU news: Manfred Weber warns Italy 'egoism' could cause second eurozone crash (Image: GETTY•FRANCE24)

If Italy is not changing the direction, then Greece and Spain will get a lot of problems

Manfred Weber

“I am very happy that the Commission was very clear towards Italy, and you must see this not as an Italian problem alone.

“We’re all sitting in one boat. If Italy is not changing the direction, then Greece and Spain will get a lot of problems on the international financial markets and the crisis is back.

“That’s why we have to sit together and find a compromise.

“The idea of Europe is always sitting together, listening to each other and finding compromises.”

Italy to leave euro for own currency claims economic strategist

The German politician also warned Italy's attitude to act "unilaterally" and "egotistically" would cause the whole European project to be "lost".

He added: “It’s absolutely allowed to change your mind, to have another government and change direction politically.

“But when decisions are made on a European level, you need a majority on European level to change things.

“That’s the principle of democracy and that’s why the question is more egoism and nationalism versus the sinking in cooperation.

“And again, on European levels, we are sitting, all of us, we are sitting in one boat.

“And if you don’t understand this, that you cannot unilaterally act, then we are lost.”

Would you like to receive news notifications from Daily Express?