Mario Draghi may be disappointed not to have made it to the highest office in the republic.
But Italy's partners in the EU can breathe a sigh of relief: as much as they would have liked to see a level-headed European taming the country's always turbulent political class in the Quirinal Palace, this is much more important: "technocrat" Draghi remains head of government.
The danger that the actually impossible grand coalition of left and right, populists and establishment breaks up has been averted for the time being.
Europeans can live well with a second term in office for Sergio Mattarella, the inventor of the Draghi government, so to speak.
Berlusconi licks his wounds
How long the relief lasts is another matter.
In their week-long Commedia dell'Arte, the coalition partners staged their quarrel on the big stage.
The injuries will remain, not only for Silvio Berlusconi, who had to give up his bold promotion plan before Draghi had to give up his.
Different calculations of power are causing the party leaders to continue to support the Draghi government for the time being.
However, it is more than uncertain whether this will result in majorities for structural reforms.
It is quite possible that Mattarella will soon be faced with a situation similar to that of a year ago.
He can no longer conjure the rabbit Draghi out of the hat.