In neighbouring Italy, the 67th government in the last 76 years is history.
The resignation of Mario Draghi is the last act in the Italian drama that began last week, and the first act in a new drama that may evolve into a European one.
Economists and political analysts agree that the danger of a fiscal derailment caused by skyrocketing public debt – 151 percent of GDP – is already in sight, as without “Super Mario” at the head of a national unity government markets will not rest, nor will the Italian public, the majority of which wanted him to remain in office in the Chigi Palace.
Developments in the European Union’s third largest economy unfortunately do not impact solely on Italian domestic affairs.
They concern the entire Union.
The numbers clearly demonstrate that the Italian political crisis could destabilise the entire eurozone at an exceptionally critical moment, with many open fronts.
Europeanists are even concerned about the EU’s Recovery Fund.
In many European capitals, Italy’s success in absorbing its funding is considered crucial in order for Europeans to begin discussing making it in some way permanent.
At the same time, many are concerned about the geopolitical ramifications of a possible return of the Russophile Forza Italia and Northern League parties.
The former ECB chief has demonstrated that he has both mind and heart, and he did whatever was necessary for Europe.
Now, Europe must demonstrate that it has learned the lessons that he taught it by doing whatever is necessary from hereon in.
