Italy faces an "Excessive Deficit" ruling, the first in EU history. Italy's response is a parallel currency proposal.

A euro crisis has been brewing for years.

Eurozone officials and the ECB have long held the upper hand vs individual countries like Greece and Portugal.

However, Italy now has the upper hand, if it chooses to wage war.

Let's backup and start from the beginning to tie this story together.

Excessive Debt

The European Commission could impose a 3 billion euro fine on Italy for breaking EU rules due to its rising debt and structural deficit levels, the country's Deputy Prime Minister Matteo Salvini said on Tuesday.

Salvini, whose far-right League party triumphed in European elections on Sunday, said he would use "all my energies" to fight what he said were outdated and unfair European fiscal rules.

"Let's see if we get this letter where they give us a fine for debt accumulated over the past and tell us to pay 3 billion euros," Salvini said in an interview with RTL radio.