The world in question
In Italy, the end of the Draghi era
Audio 03:07
Italian Prime Minister Mario Draghi listens to a member of the Senate before a vote of confidence for the government after he submitted his resignation last week, in Rome July 20, 2022. © REUTERS / GUGLIELMO MANGIAPANE
By: Bruno Daroux Follow
3 mins
A look back at the political crisis that shook Italy this week, leading to the final resignation of Council President Mario Draghi, the dissolution of Parliament and the calling of early general elections at the end of September.
What are the consequences of this political crisis for Italy and for the European Union?
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For Italy as for the EU, the consequences of the Italian crisis are unfortunate.
For Italy, first: with the departure of "Super Mario", as the President of the Italian Council was nicknamed, a period of political and economic stability is coming to an end.
Coming to power in February 2021, Mario Draghi, former Governor of the Italian Central Bank, former President of the European Central Bank, embodied the competence and efficiency to face a perilous economic situation in Italy: an abysmal debt, 151% of GDP , a sluggish labor market and, as elsewhere in Europe for several months, worrying inflation.
Italy was suddenly, with Spain, one of the two major beneficiaries of the shared recovery plan decided by Europe in the summer of 2020: 191 billion euros, a substantial sum granted to Italy in provided it begins real reforms of its economic system.
And from this point of view, Mario Draghi was the man for the job.
It inspired confidence in foreign investors and European partners.
With his departure, all of this remains in overhang...
Mario Draghi dropped by his coalition
The other harmful consequence of the tragicomedy that has just played out in the Italian Parliament concerns the political system itself.
While two out of three Italians – according to the latest polls – wanted Mario Draghi to remain in his post, the mysteries of a flawed parliamentarianism decided otherwise: after the decision of the 5-Star Movement to no longer support the Prime Minister, this are the two right-wing and far-right formations, Forza Italia of the inoxidable Silvio Berlusconi and the League of Matteo Salvini, who in turn defected, refusing to participate in the vote of confidence organized this week in the Senate.
And even if arithmetically, the government obtained the confidence, this one was not any more significant with the release of these three important partners of this motley coalition.
Hence Mario Draghi's decision to resign.
This time it was accepted by President Matarella, who immediately announced the dissolution of Parliament and the calling of early elections in the fall.
Result: political parties which, for purely political calculations, blow up a government which had the support of public opinion.
A sign of the poor health of democracy in Italy.
An open door for far-right parties
This political and economic situation in Italy, the third largest economy in the euro zone, is extremely worrying in Brussels.
In addition to the economic uncertainties already mentioned, the political scenarios do not encourage optimism: opinion polls indicate that if La Ligue and Forza Italia join forces with the other far-right party which has the wind in its sails , Fratelli d'Italia, this Eurosceptic right-wing bloc, which had complacency with Vladimir Putin's regime, could win 45% of the votes and therefore gain power in October.
Which would be very bad news for the European Union.
And good news for the Kremlin leader.
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Italy
Mario Draghi