Italian FinMin Padoan Says EU Leaders Must Produce Solutions or Risk More ‘Brexits’

European Union leaders need to upgrade and update their ways to tackle the region’s economic and political problems or face first further risks to the 28-country bloc’s unity, Italy’s Finance Minister, Pier Carlo Padoan, told CNBC.

Europe faces a series of crises of confidence: The U.K. is about to vote on whether to remain part of the EU, the region is split on how to handle the influx of migrants from the Middle East and North Africa, and economic growth in the euro zone remains stubbornly slow. Dissatisfaction at how the EU and its leaders have handled these problems has sparked the rise of euroskeptic and right-wing parties across Europe.

“Unfortunately many citizens are beginning to consider Europe part of the problem, rather than part of the solution,” Padoan told CNBC at the Group of Seven (G-7) finance ministers’ meeting in Sendai, Japan, on Saturday.

CNBC

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.