Italy can handle the fallout from the resignation of Italian Prime Minister Matteo Renzi and the euro zone as a whole can manage all kinds of political shocks, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Monday.

"I am confident Italy has the means to address the situation," Moscovici told reporters on entering a meeting of euro zone finance ministers, where Italy 's draft 2017 budget will be discussed among other topics.

Asked if the Italian political crisis could trigger a wider euro zone crisis, Moscovici said: "I am confident there will be no such crisis. We have the means to resist any kind of political shock in Europe."