Change of Perspective: Italy May Switch Its Stance on Nord Stream 2

Russia's President Vladimir Putin recently had a phone conversation with Italian Prime Minister Matteo Renzi discussing Italy's possible participation in the Nord Stream 2 project, according to La Stampa.

Several European nations have previously voiced concerns regarding the project as the new pipeline would allegedly increase Europe's dependency on Russian natural gas.

Interestingly enough, it was Prime Minister Renzi himself who in December 2015 actively sought to torpedo the very same pipeline project. According to the Financial Times, the Nord Stream issue was included in the European Council agenda in large part due to pressure from the Italian government. Eventually, Italy's efforts culminated in the European Council ruling that the new pipeline was not in the EU's interests.

Participating in the Nord Stream project would actually be quite beneficial to the Italian economy natural gas consumption has increased by 15 percent in 2015 as the economy grows, La Stampa adds.

Furthermore, in 2016 the country would likely require even more natural gas, but the Italian government forbids drilling for gas in the country due to environmental concerns. In this situation, investing in the Nord Stream pipeline may be a smart move, the newspaper concludes.