The resignation of Italian Prime Minster Mario Draghi means that Italy will be plunged into chaos and the far right may come out ahead, writes ianbremmer
, the former European Central Bank chief who saved the Eurozone almost exactly a decade ago by pledging publicly to do “whatever it takes” to steer Europe through its sovereign debt crisis, has abandoned hopes of seeing Italy through its current time of troubles. Italy must now weather the storms created by the human and economic losses from the pandemic and the energy and security crises created by Russia’s invasion of Ukraine with someone else in charge.
Over the past 17 months, sniping within the coalition has made Draghi’s life more difficult, but the need to secure relief funds from Brussels and the fear that new elections would unleash chaos held things together. Leaders of the right-wing parties who believed they could win a future election knew that a national vote was due no later than next spring.
This upheaval comes at a terrible time for Italy. This next election will mark the first time in decades that a national vote has taken place in autumn, a period usually reserved for passing a budget. And Italy needs to pass a budget to implement the reforms the European Commission demands in exchange for a promised €200bn in grants and loans from the EU’s pandemic relief fund.
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