Ghosts of 2011 sovereign debt crisis remain fresh for the EU, says ISLA panellist
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Ghosts of 2011 sovereign debt crisis remain fresh for the EU, says ISLA panellist 19 June 2018Lisbon Reporter: Barney Dixon
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The 鈥済hosts鈥� of the 2011 sovereign debt crisis are 鈥渂ack in the heads of the people in Brussels鈥�, according to Bertrand Huet, senior vice president, partner, and co-head of Financial Services at FleishmanHillard.
In a session at the International Securities Lending Association (ISLA) 27th Annual Securities 麻豆影视传媒 and Collateral Management Conference, Huet said that this fear was a result of the market reaction to recent elections in Italy earlier this year and contagion concerns.
The elections were held on 4 March 2018 after Italy鈥檚 parliament was dissolved by ex-president Sergio Mattarella in December 2017 and resulted in the League, a centre-right coalition led by Matteo Salvini, coming into power.
Under Salvini, the party has, to some extent, embraced Italian nationalism and emphasised Euroscepticism and opposition to immigration.
The party has historically advocated the transformation of Italy into a federal state, fiscal federalism and greater regional autonomy, especially for Northern regions.
Huet said that the Italian elections are a 鈥渞eminder鈥� that populism in Europe didn鈥檛 end with French president Emmanuel Macron鈥檚 defeat of Marine Le Pen last year.
Huet noted that Europe 鈥渟till has another nine elections in the next year and a half鈥�.
鈥淔orget Brexit, what鈥檚 most concerning for the EU leadership is that the Italian government is showing an intention, perhaps not to leave the euro, but certainly to divide Europe, as can be seen from the migration.鈥�
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