17:10 GMT26 February 2020
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    French Minister of Economy and Finance Michel Sapin said that the decision on the constitutional matter taken on referendum in Italy definitely could not create systematic risk for the value of the EU currency.

    MOSCOW (Sputnik) — The recent Italian referendum on a constitutional reform, which prompted the resignation of Prime Minister Matteo Renzi, would have no impact on the value of the EU currency, French Minister of Economy and Finance Michel Sapin said Monday upon his arrival at the Eurogroup meeting.

    "There is no particular systematic risk. The decision on the constitutional matter taken in Italy definitely could not create this systematic risk," Sapin said, when asked if the Italian referendum and the subsequent resignation of Renzi could pose a risk for the euro.

    The French economy minister said that it was the strong position of the dollar that influenced the value of the euro.

    Sapin added that, while many Italians objected to the constitutional reform proposed by Renzi, they were at the same time strongly in favor of the European Union.

    Renzi's proposal that implied limiting Senate powers to speed up lawmaking process, was rejected by 59.11 percent of the voters. The Italian prime minister vowed to resign over the Italians' decision to vote against his reform plan.

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    Tags:
    euro, Italy Constitutional Referendum, European Union, Michel Sapin, Italy, France
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