EU confident in Italy stability

European Economic and Financial Affairs Commissioner Pierre Moscovici addresses a news conference at the EU Commission headquarters in Brussels, Belgium, November 16, 2016. [Photo/Agencies]

PARIS - Italy has solid political institutions and a strong economy that will weather the resignation of Prime Minister Matteo Renzi after his heavy defeat in a referendum, European Economics Commissioner Pierre Moscovici said on Monday.

"It's a solid country with solid authorities and I have complete confidence that Italy can handle this situation," he told France 2 television ahead of a meeting of euro zone finance ministers in Brussels.

"There is some political instability but the country is extremely stable and it's also a big economy."

He dismissed suggestions that the referendum had been a vote against the European Union: "Nothing to do with it," he said. "It's a domestic constitutional amendment in Italy which has not managed to get through."