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

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam