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Analysts at Rabobank suggest that clashes over Italy’s budget are back in the headlines this morning with La Stampa reporting that Deputy PM Di Maio said at a top level government meeting on Monday that ministers were unwilling to approve his proposals to provide basic income for the poor.

Key Quotes

“His remarks that “if things continue like this, Tria can go home” cast uncertainty about the future of the finance minister in addition to the budget process.   Having dipped yesterday on the perception that Italian paper was oversold, 10 year BTP yields rose this morning.”  

“Comments from ECB President Draghi today have called for progress in completing the Eurozone’s Banking Union in an effort to strengthen the framework for managing bank failures.”

“EU President Tusk meanwhile has called for a common view from Europe “on the nature and overall shape of the joint political declaration about the future partnership with the UK”.  This refers to the informal summit on September 19 to 20 in Austria.”

“Yesterday IMF Chief Largarde warned that a “no-deal” Brexit would entail “substantial costs” for the UK economy but that the challenges in making a deal remained “daunting”.”

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