November 7, 2018 / 12:14 PM / 6 days ago

Italy budget plans 'critical' problem for euro zone - German economic advisor

The Italian flag waves over the Quirinal Palace in Rome, Italy May 30, 2018. REUTERS/Tony Gentile

BERLIN (Reuters) - Uncertainty created by Italy’s rising borrowing costs under a new anti-austerity coalition government is a critical problem for the euro zone, a member of an economic board that advises the German government said on Wednesday.

“This is a critical situation for the euro zone,” said Isabel Schnabel. “I assume that since there is high readiness in Italy to remain in the euro zone, there could finally be a chance to find a solution. But uncertainty is very high and the problem is not only one for Italy but for the whole euro zone.”

Reporting by Joseph Nasr, editing by Riham Alkousaa

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