As GMM writes, the eurozone is in trouble with a capital T.

Giorgia Meloni's electric performances at political rallies have made her a virtual shoo-in to become Italy's first female prime minister in Sunday's ballot. She'll also be the first to campaign with the flame symbol, evoking the former fascist leader, Benito Mussolini.

The prospect of a charismatic nationalist taking power with almost no government experience has investors and officials on edge. Italy, of course, is wrestling with the fallout from the most serious conflict in Europe since WWII. But the country has been adrift for years, struggling to hit on a formula which can unlock its potential while staying true to its identity.

– Bloomberg

Von der Leyen added that those same tools are already being used against Hungary and Poland.

"We will see the result of the vote in Italy," said von der Leyen.

"If things go in a difficult direction — and I've spoken about Hungary and Poland — we have the tools."