February 9th 2021 - Familiar Name

in LeoFinance3 years ago

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"If we want things to stay as they are, we have to change" is a famous quote from Leopard, novel by Italian author Giuseppe Tomasi di Lampedusa. Its paradoxical content is often used to illustrate the unpredictability of Italian politics as well as tendency of the events and personalities in Italian political drama to stay the same. There are many examples when such quote could be applied, including the most recent developments.

Example of Italian political paradox could be found in its current government. It was founded by Five Star Movement (M5S), originally populist party that attracted voters disgusted with the established parties and their incompetence and corruption. Three years after coming to power, M5S went to the same transformation as Syriza in Greece, becoming integral part of the very establishment it had fought. Its government, led by faceless technocratic law professor Giuseppe Conti, was created in coalition with right-wing anti-immigrant Lega party, but M5S later abandoned the coalition and embraced centre-left pro-EU parties, thus becoming pro-EU itself.

Conte could have probably safely survived his term until the next election if not for COVID-19, pandemic that had affected Italy very hard and brought Europe's third economy to its knees. Quarrels over EU economic aid brought his coalition to an end, but nobody dared to call for new elections – partly because of Italian parliament members reluctance to compete for the seat with numbers reduced after the last contitutional reform and partly because nobody wanting to see anti-EU Lega as the most successful exploiter of COVID-19 discontent at the ballot box.

So, another compromise solution was found in another safe, predictable technocrat who would lead another, safe predictable technocratic government that would try not to rock the boat and keep things as they are. And that safe choice is Mario Draghi, former president of ECB and the embodiment of European political and economic establishment. His face perhaps might not be that familiar to Italians, but his name might be, because his signature was used on Euro banknotes. This familiarity might calm nerves in Brussels offices, but, on the other hand, populism, Euroskepticism and all the other "isms" that make world establishment nervous could have never became so popular without people like Draghi and their monetary and financial policies.

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