The decision of the senators of the 5 Star Movement, of the ruling coalition in Italy, to withdraw their support for Prime Minister Mario Draghi during a confidence vote, opened a political crisis on Thursday
The Prime Minister of Italy, Mario Draghi, has transferred this afternoon to the members of his Government that he is resigning from office. The step comes after a long week of tensions with the 5 Star Movement and a vote in the Senate, in which the latter were absent. Draghi will now meet with the President of the Republic, Sergio Mattarella, to inform him of the decision.
The stability of the Italian Government passed today through the Senate of Rome, where the vote on a decree with aid to face the rise in prices has become a test of survival for the government coalition led by Mario Draghi. In particular, there was concern about what the 5-Star Movement (M5E) was going to do, the ‘anti-caste’ party whose leader, Giuseppe Conte, had been flirting for weeks with the idea of leaving the alliance that supports the Executive of the former president of the European Central Bank (ECB) . Finally, what the M5E agreed to last night was fulfilled. Its senators left the Upper House during the motion, considering that the 26,000 million euros of aid for families and companies contained in the decree are insufficient, and will thus open a crisis in the Government with unforeseeable consequences. The vote had been raised as a confidence motion to speed up its parliamentary approval.
Although Draghi would maintain the majority in both Chambers thanks to the support of the rest of the parties that are part of the heterogeneous government alliance, he has already said on several occasions that he is not willing to continue in power without the M5E. This political force began the legislature in 2018 as the largest in Parliament, but has suffered enormous wear and tear over these years, in which it has participated in three different governments and has experienced numerous defections and internal fights. The last one took place three weeks ago and caused the split of some 60 parliamentarians led by the Foreign Minister, Luigi Di Maio, who declared himself a “draghista” and is willing to continue supporting the Executive.
Uncertainty about what may happen with the political situation in Italy is maximum, as reflected in the latest economic indicators. The Milan Stock Exchange lost nearly 2% by mid-morning, thus behaving as the worst of the European markets, while the risk premium climbed 14 basis points compared to its closing level the previous day, thus making the bonds ten-year Italian public debt will be paid at 3.26% interest. For investors, Draghi has always been a guarantee in a country, Italy, which has historically lacked stability due to the great ability of its political class to put its partisan concerns above national interests. In fact, the government of the former president of the ECB was born a year and a half ago with strong international support, considering that it was the best option to lead the Italians out of the pandemic and in the management of the millionaire European funds.
Although during the morning of this Thursday it was not ruled out that an agreement could be reached so that the M5E would remain, in one way or another, within the alliance of parties that supports the Executive, various analysts were betting on the opening of a political crisis with various possible scenarios. If it is confirmed that the senators led by Conte turn their backs on Draghi, it will be up to him to meet with the President of the Republic, Sergio Mattarella, with whom he already met last Monday, and study with him the possible solutions to this setback . These range from the holding of early elections, as requested by the opposition, led by the far-right Brothers of Italy party, to the calling of a new motion in Parliament to verify the real support that Draghi has. It is something that is demanded by various political forces that are part of the alliance, such as Forza Italia, the Democratic Party and the League. Another possibility would be for the government to continue with a different prime minister than the former ECB president, although this is considered an unlikely option.
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