Italy has voted

70 percent of Italian voters have chosen parties that can imagine leaving the euro or introducing a parallel currency. Nevertheless, the question of a "new lira" did not play a role in the Italian election campaign.

It remains to be seen whether this question will return to the European debates in the coming weeks as a threat. In view of the decision of the SPD members and a new GroKo in Berlin, a situation could have arisen in which the threat of an Italian parallel currency is no longer even needed. Possible veto positions by Austria and the Netherlands, Ireland, Finland and the three Baltic States against further communitarisation in the euro area could lead to the ECB assuming an even stronger role in public finance.

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