15:08 GMT +306 December 2019
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    Independence Party Founder Suggests Introducing Double Currency in Italy

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    Italy does not have to abandon the Euro altogether if it decides to leave the Eurozone, one of the founders of a pro-independence political party said in an interview with Sputnik.

    MOSCOW (Sputnik), Daria Chernyshova – Italy was deeply affected by the Eurozone crisis that started in 2010. The country had run a budget deficit and its national debt was almost equal to 120 percent of its GDP. This resulted in a downgrading of the country's credit rating and a decline in international investments. In 2011, the Italian government initiated austerity measures, intended to stabilize country's economy.

    "I would think about a double currency, why not to use the Euro along with other currencies, meant as commodities, and have a local currency, for local business, as in many countries of the world," Paolo Bernadini, founding member of the Independence Veneta party, said on Friday.

    According to Bernadini, giving up the Euro altogether is not necessary if Italy decides to leave the Eurozone, as the country could continue using the currency for a short while afterwards.

    "To give up the Euro would be a difficult choice, certainly, on the short term, but we have to remember that the best performing European economies are outside the Euro area: Norway, and Switzerland," Bernadini said.

    According to the Veneta party member, Italy could adopt a multiple currency system, or even introduce the virtual Bitcoin currency.

    "All central banks should be closed. So we might even think of a double currency, or multiple currency, keeping the Euro for a number of transactions," Bernadini told Sputnik.

    He stressed, however, that Europe's major problem is not the Euro, but the "monstrous fiscality" that is having a dramatic effect on Italy.

    In November 2014, the Italian Eurosceptic Five Star Movement (M5S), Italy's largest opposition party, launched a petition supporting a referendum on Italy's exit from the Eurozone.

    European Union, currency, Italy
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