May 29, 2018 / 1:03 PM / 6 months ago

Euro zone should reform despite situation in Italy: German Finance Minister

FILE PHOTO: German Finance Minister Olaf Scholz smiles during a news conference in Berlin, Germany, April 17, 2018. To match Analysis GERMANY-SCHOLZ/ REUTERS/Hannibal Hanschke/File Photo

BERLIN (Reuters) - The euro zone should press ahead with its efforts to strengthen the currency bloc despite the political stalement in Italy, German Finance Minister Olaf Scholz said on Tuesday, adding that he viewed Italy as one of the most pro-European countries.

“Despite the fact that there is a broad spectrum of political perspectives in different countries, there is something we have in common,” Scholz told a conference in Berlin, speaking in English.

“And Italy is one of the most pro-European nations we have. If I understand right, the majority of the Italian people is pro-European ... and this is also necessary to understand how we act and we will do it very cautiously,” Scholz added.

A deepening political and constitutional crisis in Italy, the euro zone’s third biggest economy, fuelled a sharp rise in the country’s short-term borrowing costs on Tuesday and renewed selling in the euro and stocks.

Reporting by Michael Nienaber; Editing by Paul Carrel

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