Italian anti-euro Finance minister SWORN IN days after other currency critic vetoed

Italy spiralled into a dramatic constitutional crisis after President Sergio Mattarella vetoed Prof Savona’s nomination to the Treasury.

But after the last round of crunch talks between coalition partners Lega and Five Star Movement (M5S), another anti-euro economist was sworn into the role.

Prof Giovanni Tria signed the official document recognising him as new Finance Minister in front of President Mattarella five days after his rejection of Prof Savona. 

He said: “I swear to be faithful to the Republic and to loyally observe its Constitution and its laws.

“I swear to carry out my duty in the exclusive interest of the nation.”

Expressing his support for Prof Savona’s stance against the euro and the eurozone, Prof Tria wrote on online magazine Formiche.it: “The Italian Government should react to those claiming Italy leaving the euro is ineluctable.

“They should say it is Germany that should leave the euro because its surplus on the commercial balance is incompatible with the eurozone’s fixed exchange rate. Or it should accept an adjustable fixed rate regime.”

The Roman academic never held an institutional role, serving as co-director of the MA Economic Development and Internationa Cooperation at Tor Vergata University in Rome. 

The new populist Italian Government led by M5S jurist Giuseppe Conte was sworn in after weeks of uncertainty fuelled by inconclusive March elections.

The political conditions to form a political government were found after Lega and M5S opted to move the controversial Prof Savona to the European Affairs Ministry.

Lega leader Matteo Salvini, who will serve as Home Secretary and co-deputy PM alongside Luigi Di Maio from M5S, said the anti-euro academic will be “in the right spot to renegotiate European Union rules.”

The announcement of a political government helped ease the turmoil suffered by markets, with the Btp/Bund spread climbing down to 209 after spiking to 250 during the crisis.