Son of Brexit

In Italy, the 5-Star Party has said that it is open to holding a referendum on leaving the Euro Zone:

The leader of Italy’s main opposition party said he was keeping the option of a referendum on the euro open in the event his party won elections and failed to convince Brussels of the need to change some of the euro zone’s economic rules.

In comments made on state TV on Sunday, Luigi Di Maio, the man widely tipped to be the candidate for prime minister of the anti-establishment 5-Star Movement, said he wanted to negotiate concessions on EU governance.

“If we succeed, Europe will be changed and we won’t need a referendum on the euro. Otherwise we’ll ask Italians if they want to stay in or not,” he said.

Obviously, leaving the Euro Zone is different from leaving the EU, but Italy is the 3rd largest economy in the Euro Zone, and the fact that a major party in Italian politics is explicitly putting leaving the Euro on the table is a big deal

The Euro increasingly resembles a suicide pact that leaves only Germany standing, and so leaving the Euro, or getting Germany, and failed German economics, out of the Euro, is an essential step to fixing the Euro.

Things just don’t work well when the Germans dominate Europe.

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