Take a glance at Italy’s new cabinet and it’s easy get lost in the politics. The government, formed last week, spans six parties and the entire political spectrum.
Italy is used to political turmoil - averaging a new government every 13 months. The previous coalition - comprised of the centre and populist left, was led by an independent law professor with no political experience, as a way to balance factional interests.
That government fell apart over a dispute on how to spend €220 billion in EU recovery funds, and plunged Italy into another round of unrest. One of the world’s highest Covid death rates and a stuttering vaccine rollout have met decades old crises in the form of sluggish economic growth and high government debt, all wrapped up in a fractured, unmoving politics. Amid cascading crises, Italy has turned to a saviour from its past.
Mario Draghi is nicknamed Super Mario for a reason: he may be the only reason the Euro is still standing as a currency. The former governor of the European Central Bank launched a “whatever it takes” approach to save the Euro in 2012 - launching a loose monetary policy which kept government debt in Europe from becoming untenable. That kept his native Italy’s economy afloat, and made him one of the most popular public figures in the country.
Now, in one of Europe’s most challenged economies, he’s called upon to do it again. There is hope for Italy here - nearly all the parties in parliament have joined together, except the far-right Brothers of Italy. This includes, surprisingly, their far-right rivals La Leaga, who have rapidly shed their anti-European positioning to join the coalition.
This is an opportunity for Italy. The money from the EU means the old shackles of debt can be shrugged off, and a rare moment of unity makes vital reforms possible. Mario Draghi has Italian’s trust, and a chance to make things better.
By The Haps contributor Joe Pagani.