NEWS » Italy to leave the Euro?

Italy to leave the Euro?

Should Italy leave the Euro currency? The matter is very controversial. Italy joined the Euro zone in 1999, and the Euro Currency was introduced into circulation three years later.

Italy’s Five Star Movement (M5S) party has already collected more than 100,000 signatures on a petition calling for a law that would allow a referendum on withdrawal from the euro zone.

The Five Star Movement was formed in 2009 by comedian and activist Beppe Grillo. The party was second in the 2014 European Parliament election with 21 percent of the votes.

According to M5S MP Carlo Sibila, the referendum should be at the beginning of next year. Even though the petition has already the required number of signatures necessary for the referendum, the Five Star Movement hopes to gather another 50,000 signatures by early May, so that people’s interest in the matter will be highlighted. 

Even though the Italian constitution does not provide for the cancellation of international agreements through referenda, a significant number of votes asking for the possibility to change the regulations, will force the Government to take into consideration the public opinion.

The Five star movement blames the Euro for Italy’s increased debts and unemployment. The party stressed that the aim is not to leave the European union but only the currency union.

According to The “Eurispes” report 2015 four Italians out of ten (40.1%) think that Italy should leave the Euro currency, the major part of them consider the Euro to be responsible for the weakening of Italian economy.

The “Eurispes” report has also shown that 7 out of 10 Italians have seen their spending power diminished. 82.1% of citizens reduce their spending on presents; 80.8% have cut down the budget for eating out; 74.7% have reduced the expenditure for travelling and holidays and  80.1% have reduced the budget for technology.

Giulia Lombardo

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