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French Finance Minister Bruno Le Maire told a French daily, Le Parisien, on Sunday, he doesn’t see any risk of contagion from Italy’s budget crisis in the European Union (EU), Reuters reports.

Additional Comments:

“We do not see any contagion in Europe. The European Commission has reached out to Italy, I hope Italy will seize this hand,”

“But is the Eurozone sufficiently armed to face a new economic or financial crisis? My answer is no. It is urgent to do what we have proposed to our partners in order to have a solid banking union and a Eurozone investment budget.”

French banks with branches in Italy had issued corporate and household loans totaling 280 billion euros ($319 billion).

“This sum is manageable but substantial.”