The resignation of Italian Prime Minister Matteo Renzi following the rejection of his Cabinet-backed constitutional reform package by a large majority of voters in a referendum on Monday has sent another shockwave through the European Union.

Since taking office in February 2014, Renzi has sought to raise administrative efficiency through reducing the seats for senators and retaking more power from local governments.

Different from former British prime minister David Cameron who initiated a referendum on whether the United Kingdom should leave the EU to appease the euro skeptics in his party, which was a personal political gamble that failed, Renzi's referendum push to a large extent reflects his political aspiration to change Italy's status quo.