“Algeria will supply an additional 4 billion cubic meters of gas to Italy starting next week,” Reuters reported.

Finnish ECB politician Olli Rehn suggested in a panel discussion that “Italy could be hit particularly hard by the European energy crisis due to political unrest in the country.”

“Former European Central Bank President Mario Draghi has brought much-needed stability, perseverance and firmness to Italy’s decision-making,” Ren said a day after the Italian president rejected Prime Minister Draghi’s resignation, adding that “we may , witnessed a very difficult period in Italy.”

He also stressed that “it is clear that the mandate of the European Central Bank is price stability, and we act accordingly, and we emphasize that each of the eurozone countries has its own responsibility for its economy and economic policy.”

Wren predicted that “the European Central Bank could raise interest rates by 25 basis points next week and by 50 basis points in September.”