Money Week

Draghi’s failure is a blessing in disguise for Italy

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Italy’s “chaotic” presidenti­al race finally ended after a week of “high political drama” that at one point threatened to bring down the government, says Lisa Jucca for Breakingvi­ews. The decision of lawmakers and regional representa­tives to re-elect Italian president Sergio Mattarella, despite his strong opposition to remaining in office, means that Mario Draghi, who had hoped to become president, will now remain as prime minister. Politician­s worried that Draghi’s departure would destroy the coalition government, which has been focused on the pandemic and on reforms linked to some €20bn of EU funds, and would trigger a political crisis.

The result is a “snub” for Draghi, but he’s not the only loser, says Nicholas Farrell in The Spectator. For one thing, the farcical nature of the contest has“weakened and divided Italy’s parliament even more than it already was” and shown that the political system is “incapable” of “doing even the democratic basics”. While all the major parties remain “desperate” to avoid an election, as “a third of all seats in parliament are set to be axed”, the “funeral of this failed parliament draws ever closer”.

Still, it may turn out to be a “blessing in disguise” if it allows Draghi to focus on brokering deals and reforms, says the Financial Times. Draghi’s government has made a decent start on implementi­ng the promises agreed under Italy’s EU recovery plan, but still has to meet 100 “milestones” this year in order to receive its next slices of EU money. The necessary reforms to the tax system, public procuremen­t and civil service look “set to strain government unity”.

 ?? ?? Mattarella: a reluctant victory
Mattarella: a reluctant victory

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