‘EU’s Economic Performance Is Disastrous’ Rees-Mogg Blasts EU Over Italian Government Flop

via ALESSANDRA SCOTTO DI SANTOLO

JACOB Rees-Mogg blamed EU’s arrogance for the collapse of the would-be new Italian populist government following Italian President Sergio Mattarella who vetoed an anti-euro minister proposed by the eurosceptic coalition.

Speaking on LBC, the Tory backbencher argued President Mattarella’s decision to overthrow ‘s populist coalition showed EU’s condescension against the will of the Italian people following the results of the March 4 general election.

Mr  belittled the EU’s ostentatious superiority as he reminded his listeners of the “disastrous performance” of the EU’s common monetary project.

He said: “It comes down to ‘do you respect democracy?’

“And we see in Italy, it’s fascinating, that they don’t respect democracy in the end.

“The majority went for the Five Star Movement and the League and then the President vetoes one of their appointments and appoints somebody from the IMF, a former economist of the IMF, to become Prime Minister.

“This is just the European establishment insisting that they know best when the EU’s economic performance is disastrous.

“Look at the level of youth unemployment across the EU.

“We’ve done so much better because we’ve been out of the euro and we will do better still once we’re outside the .”

Italian President Sergio Mattarella shocked the international community after rejecting the coalition’s finance minister candidate, 81-year-old eurosceptic economist Paolo Savona, over his threats to pull Italy out of the eurozone.

In an attempt to move Italy back closer to Brussels, President Mattarella summoned Carlo Cottarelli to his office on Monday.

Mr Cottarelli, a former IMF director is now tasked with forming a pro-EU technocrat government in Italy, despite the country’s palpable anger against institutions like the IMF and European Central Bank, and the deeply unpopular austerity measures imposed in 2011.

On the coalition’s move towards the Eurozone’s first Eurosceptic government, President Mattarella said: “Membership of the euro is a fundamental choice. If we want to discuss it, then we should do so in a serious fashion.

“The uncertainty over our position has alarmed investors and savers both in Italy and abroad.”

Lega and Five Star Movement leaders Matteo Salvini and Luigi Di Maio have labelled the rejection of the election’s result as “madness.”

The post-election coalition had spent days drawing up a pact aimed at ending a stalemate following an inconclusive March vote and now claims President Mattarella has abused the power of his office.

Matteo Salvini has threatened chaos and mass protests unless snap elections are called as soon as September, while Five Star Movement leader Luigi Di Maio called on parliament to “impeach President Mattarella.”

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All Eurozone equity indexes are rolling over with FTMIB and IBEX35 leading the charge lower.

Italy’s IT10Y surging to three-year highs over the economic and political uncertainty. Could Italy be the trigger for a much larger crisis through Europe?

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