Brussels, November 28 - The turbulence hitting Italian banks "is outside our competence" because "there are EU rules and directives" on them, European Central Bank President Mario Draghi said Monday, replying to a question from anti-establishment 5-Star Movement (M5S) MEP Marco Valli on whether the ECB foresaw special measures for Italian banks in view of the December 4 Constitutional reform referendum. "The best contribution the ECB can give is to ensure that supervision and regulation are well conceived and implemented," he said. The Financial Times has warned eight Italian banks are at risk if the No vote wins the referendum. Italy's debt is sustainable, Draghi also told the European Parliament. Sustainability is based on a country's "will and ability to honor its obligations," Draghi said. "Italian debt is sustainable, on both fronts". Although Italy is "among the countries with the highest primary surplus rate," it is still "vulnerable to shock" and must "persevere in its reform efforts", Draghi said.
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