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Italy 'Should Return National Currency' to Revive Its Economy

© Photo : PixabayRome, Italy
Rome, Italy - Sputnik International
Following the victory of Eurosceptics in the British referendum on the country's withdrawal from the EU, many EU critics have intensified their activities and increasingly started to advocate for European disintegration.

In an interview with Sputnik, leader of the so called Italian movement of Five Stars (M5S) Carlo Sibilia explained why he and his adherents have repeatedly called for a referendum on the country's withdrawal from the euro zone.

"From the moment of its entry into the euro zone, Italy has been experiencing one of the most difficult periods in its history from an economic point of view. Over 30% of Italian industrial enterprises which were actually keeping the whole country afloat — namely small and medium-sized enterprises — shut down. Our currency is too strong for the type of economy we now have. And it has forced us to buy products that we no longer produce in Italy, abroad because they are cheaper there," Sibilia told Sputnik.

The politician explained that if a country has a currency stronger than its economy, its manufacturing industry gradually slows down, and then is impossible to revive. According to Sibilia, the European currency is one of the reasons behind the poor economic situation in Italy, and therefore he and his movement call for the country's withdrawal from the euro zone.

"We are considering the option of returning to the national currency. We want to give the Italian people their monetary sovereignty back. This is a fundamental question," the politician argued.

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Sibilia also supported the idea of a two-track euro — an option which provides for the existence of other monetary zones within Europe.

"For example, the economies in Spain and Southern Europe are very similar. And probably the only country in the EU whose economy is very different from other countries, is the German one. The proposal about a two-track euro is now, in my opinion, not very realistic, but we continue to consider this idea," the politician stressed.

In fact, a "two-track" Europe is already a reality because not all EU members entered the euro zone. The "two-track" principle, however, had long been taboo for supporters of closer integration, because this principle could undermine the idea of a united Europe.

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