Italy's government must take action to control its finances amid further market volatility, the former head of Eurogroup told CNBC on Thursday.
Markets have been nervous about Rome's spending plans since Italian voters elected a populist government in the spring. Italian borrowing costs rose Thursday morning after reports of ongoing tensions within the coalition cabinet. These concerns have also affected shares in Italian banks.
Jeroen Dijsselbloem, who led the group of 19 euro zone finance ministers, said that "Italy is a case in itself."
"To be quite honest, the Italian government will have to save Italy, the markets won't do it, Europe won't do it. Italians need to address their own issues," Dijsselbloem, who has also served as Dutch finance minister, said.
"All this infighting of the populist coalition — they are simply losing time and that is a scarce commodity in Italy," he told CNBC's Joumanna Bercetche.