THE European Union is on the brink of imploding, destroying the Euro and causing economic doom, according to a Nobel Prize winning economist.Joseph Stiglitz thinks Brexit changed the face of the Eurozone, leading to overt criticism of the common currency and making the overall break-up of the Union more likely. Italy could prove to be the next nation to leave the Brussels bloc, according to Mr Stiglitz, a former chief economist at the World Bank and senior advisor to president Bill Clinton. The country’s banks are weighed down by more than £300billion of bad debt but cannot be bailed out under EU rules unless creditors take a financial cut first. Embattled prime minister Matteo Renzi says he will resign if he loses the October referendum on constitutional reform, which could allow the anti-establishment Five Star Movement, which has promised the public it will hold a vote on whether or not to remain in the Euro.The expert says an “amicable divorce” must be considered to avoid a “political cataclysmic event like Brexit”. In his new book, 'The Euro: How A Common Currency Threatens the Future of Europe' Stiglitz also advises Germany and Greece should pull out as member states. Mr Stiglitz said: “In other words, the Eurozone’s member countries are democracies and one sees increasing hostility to the Euro, which is unfortunately spilling over to a broader hostility to the broader European project and liberal values. “That’s going to be the end.”Despite only coming into operation in 1999, the quality of the Eurozone has been called into question on numerous occasions, especially following the Great Recession. Eurozone countries were not able to devalue their currency to remain competitive on the international market during the crisis, meaning the ever closer union with member states had terrible consequences for the financial state of the continent. Mr Stiglitz said: “What’s going to happen is that there will be a definite consensus that Europe is not working. "The diagnosis will be to shed the currency and keep the rest, or that Europe is not working and a broader rejection — like in the UK.”Stiglitz gave his warning as leaders of the EU's three biggest countries met for crisis talks in Lazio to discuss saving the Brussels project from unravelling after Brexit. Italian Prime Minister Mr Renzi invited German Chancellor Angela Merkel and Francois Hollande to Ventotene, a tiny island off the coast of Naples, to discuss their strategy ahead of next month's summit of all nations.Stiglitz gave his warning as leaders of the EU's three biggest countries met for crisis talks in Lazio to discuss saving the Brussels project from unravelling after Brexit. Italian Prime Minister Mr Renzi invited German Chancellor Angela Merkel and Francois Hollande to Ventotene, a tiny island off the coast of Naples, to discuss their strategy ahead of next month's summit of all nations. The summit in Ventotene is the first in a number of intense meetings of talks between European leaders, who will now push for a response to Brexit. As Britain gears up to trigger Article 50 to begin the official break the member states must begin to piece together their place in the divorce.