Unless the populists campaign on exiting the euro, a new election will change nothing, according to Ferdinando Giugliano.

Financial markets in Italy have plunged amid fears that the eurozone's third-largest economy is heading towards another election that could shape up to be a referendum on whether to stay in the euro.

Italian President Sergio Mattarella is opening formal consultations to see if any party or coalition can muster enough support to form a government after the country's inconclusive elections on March 4.