In Italy, outgoing Prime Minister Matteo Renzi has agreed to stay in power until the Senate passes its 2017 budget in the coming days. Mr Renzi formally resigned yesterday after his defeat in a constitutional referendum a day earlier, but the President requested the delay. <br/><br/>President Sergio Mattarella will later have to either choose a new Prime Minister or call early elections. European leaders have been playing down the risks of fallout from the crisis. Shares in Italian banks lost ground following news of Mr Renzi's defeat. Sunday's No vote on constitutional reform was widely seen as a rejection of establishment politics in Italy.