Prime Minister Mario Draghi resigns: Chaos in Italy

He had won a vote of confidence in Parliament. / Mario Draghi resigns

Nevertheless, Italy’s prime minister is resigning. The consequences could be immense. / Mario Draghi resigns

Italian President Sergio Mattarella has accepted the resignation of Prime Minister Mario Draghi. This was announced by the Quirinal Palace in Rome on Thursday. The government will initially remain in office for ongoing business.

As a week ago, the ex-head of the European Central Bank submitted his resignation request to the 80-year-old head of the Italian Republic. Mattarella thus plays an important role in the future of the country with its almost 60 million inhabitants.

Next, he must decide whether to dissolve the chambers of parliament, paving the way for a snap election, or find an expert or politician to form a new governing majority from the existing parliament.

Draghi already wanted to resign last Thursday when the populist ruling party Five Star Movement failed to express his confidence in the Senate in connection with the vote on a multi-billion dollar aid package. However, Mattarella turned down the offer. Instead, Draghi was due to declare himself on the government crisis in the Senate on Wednesday and in the Chamber of Deputies on Thursday.

Draghi fails to reach target in confidence vote

In the Senate, however, the non-party banker received a harsh smack on Wednesday evening when three of his governing parties did not vote in a vote of confidence in his government. Although he won the vote by 95 votes in favor to 38 against, he did not get the broad approval he demanded for a new “pact of trust”.

Italy is slipping further and further into political chaos. In the morning, the markets reacted to the threat of political instability in the EU’s third largest economy with a downward movement. The stock exchange in Milan was in the meantime two percent in the red. The risk premium for ten-year Italian government bonds in relation to German government bonds rose significantly. The highly indebted Italy could thus pose a threat to the EU and the euro, which could come under pressure.

Right-wing extremists are ahead in polls

Mattarella’s decision could have serious repercussions for the Mediterranean country. An early election would initially mean political standstill and cause instability in Italy, but also in Europe. Parliament should actually push through further reforms in order to secure billions of euros in corona reconstruction funds from Brussels. In addition, the budget for 2023 has to be planned, which traditionally causes a lot of controversy in Italian politics.

According to polls, the election could also significantly change the political landscape. Giorgia Meloni’s right-wing extremist opposition party, Fratelli d’Italia, is currently in the lead. Together with the right-wing Lega and the conservative Forza Italia, the centre-right bloc could thus unite a large number of people and, in the end, perhaps even a parliamentary majority behind it.

Scholz, Draghi and Macron on the train to Kyiv

Head of state accepts Draghi’s resignation

After the disappointing result of the parliamentary vote, Italy’s Prime Minister Draghi submitted his resignation to President Mattarella. He asked him to remain in office for a transitional period.

Italy’s President Sergio Mattarella has approved Prime Minister Mario Draghi’s renewed offer to resign. However, Draghi will remain in office for a transitional period, the Quirinal Palace in Rome announced. According to political observers, Mattarella is now likely to dissolve parliament and call new elections for the fall.

After the disappointing result of the parliamentary vote, Draghi announced that he would inform the President of his decision whether to resign or continue. The result was eagerly awaited – a resignation was considered likely.

Coalition partners withdraw confidence from Draghi

Draghi won a vote of confidence in parliament on Wednesday, but his three main coalition partners – the Five Star Movement, the right-wing Lega and former Prime Minister Silvio Berlusconi’s Forza Italia – abstained from voting and thus refused to support Draghi.

Mario Draghi to Resign as Italy's Prime Minister

The three parties resisted Draghi’s call to band together to bring the legislature to a natural conclusion and ensure the implementation of the EU-funded coronavirus recovery programme. As a result, Draghi’s attempt to secure a majority in the Senate to continue his government of national unity has failed.

“Fast Elections”

The head of the social democratic ruling party PD, Enrico Letta, says he is assuming there will be new elections: “Then the Italians can choose between those who have loyally supported this government and those who wanted to bury the government for party tactical reasons and, so to speak, already their election campaign have started.”

There must be new elections no later than 70 days after the dissolution of parliament, with October 2 being the most likely date.

Good prospects for right-wing candidate

According to the latest polls, a right-wing alliance made up of the post-fascist party, the Brothers of Italy, the Lega and Forza Italia, currently has the greatest chances of winning. The head of the Brothers of Italy, Giorgia Meloni, was confident last night: “It confirms what the Brothers of Italy said about the Draghi government from the start. That it cannot work in a parliamentary republic if everything and the opposite of governed everything together,” she said. “For us, the balance sheet of this government and this legislature is extremely bad.”

Meloni, a former member of a neo-fascist party, has been Italy’s most popular politician for months, behind Draghi. Meloni can hope to become Draghi’s successor in office.

İtalya Gardaland Turu

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