France’s Sapin sees no euro risk from Italy

French Finance Minister Michel Sapin speaks during an interview with Reuters in his office at the Bercy Ministry in Paris

BRUSSELS (Reuters) – Italians remain strongly committed to the European Union despite their rejection of constitutional reforms in a referendum and there is no systemic risk to the euro zone, French Finance Minister Michel Sapin said on Monday.

Speaking to reporters on arrival at a meeting of euro zone finance ministers in Brussels, he said Italy was a “solid country” and that the defeat for Prime Minister Matteo Renzi was a domestic issue and not a rejection of the EU.

Asked about a decline in the value of the euro, he said that previous strength had “not necessarily” been good for European exporters and that the exchange rate largely reflected strength in the dollar.

(Reporting by Alastair Macdonald; editing by Philip Blenkinsop)