The European Union has threatened to launch disciplinary proceedings against Italy over Rome’s failure to respect common budget rules. But eurosceptic senator Alberto Bagnai branded the bloc’s behaviour as tantamount to “blackmail” as he urged Italian Economy Minister Giovanni Tria to resist pressure from Brussels. Speaking to Mezz’ora in Più earlier this week, Mr Bagnai said: “At this time, there is a need to create something which keeps Italy under substantial blackmail – ‘we activate disciplinary procedures if you don’t accept certain decisions.’

“Should there be a specious attack against our country in addition to this blackmailing, Mafia-like behaviour I would be the first one to tell Minister Tria to tell them no.”

Mr Bagnai has been a longtime supporter of plans to withdraw Italy from both the European Union and the eurozone – the so-called Italexit.

Italian media have named the economist as the potential Lega candidate to become the next European Affairs Minister, a position which would see the embattled senator in a top spot to negotiate Italy’s position in the bloc.

He maintained his belief on euro have remained constant but said he would act in the interests of all citizens, “including those who think differently” than him on key areas.

Mr Bagnai also dismissed warnings about an abrupt Italian exit for the EU, insisting the “world would not stop” should Italy opt out of the bloc.

He continued: “In the event of an exit from the euro or substantial macroeconomic shocks, like the Lehman Brothers crash, the next day people would still go to work or to the cafe.

“It doesn’t mean the world stops because the system has changed.”

The coalition parties leading the Italian Government, Lega and Movimento 5 Stelle (M5S), in the past suggested they would be willing to hold a referendum on membership of the European Union.

The parties would however have to change the Constitution before calling voters to the poll to decide whether to stay or leave the EU, as Article 75 of the body of law forbids a public vote on international treaties – including the one binding Rome to the bloc. 

The European Commission warned Italy there would be serious consequences over its public finances unless Rome can explain how it plans to reign in spending and lower their deficit forecast.

Prime Minister Giuseppe Conte said Rome will accept the bloc’s fiscal rules but will battle to have them adapted so the member state can allow for more public investment and stronger growth.

A spokesman for Mr Conte told Italian newspaper Il Sole 24 Ore that a letter has been sent back to the Commission, asking the EU to review finance rules that govern the union.

The letter also confirmed Italy’s commitment to respecting European regulation when it comes to maintaining levels of debt. The Commission has urged Rome to make its debt more sustainable by cutting its structural deficit.

Italian debt now stands at 132 percent, and is the second largest in the eurozone after Greece.

The Commission forecast this figure will rise further to 135 percent next year.

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