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.
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