Daniel Korski

Can Italy rebound?

I’m in Italy watching the bonfire of Silvio Berlusconi’s vanities first hand. From the ashes, most Italians hope a stronger nation will emerge. And for this reason, faith in former EU Commissioner Mario Monti, who gave his first statement to the nation last night, seems high. Italy is not a nation on its knees, and despite the travails and troubles of the last decade, there is a sense of hope here. People want Italy to succeed and seem willing, for now, to pull together. They also have a foundation upon which to build: brands, low private debt, and a solid banking system. Crucially, President Giorgo Napolitano has also indicated that a Monti administration will have at least until April 2012, and possibly longer, to introduce reforms.

But the political classes are jockeying furiously to preserve their power and patronage. Every day, I’m told, somebody nobbles the PM-in-waiting to suggest this or that person for this or that ministerial office. In Rome, there is great fear that Milan will take over – that all of Professor Monti’s contacts from Bocconi University and the Bourse in Milan will descend upon Rome, squeezing out the established powerbrokers.

And so they are fighting back. The threat of an early election seems exaggerated – both PdL and the Lega Nord know they would be slaughtered – but a new government will have to rely on their votes in parliament – alongside those of the left-wing DP – so they have some leverage left.

Understandably, all the talk of town is about who will be in the new government and whether Gianfranco Fini (who, along with Pier Casini, is emerging the best from the crisis) can retain his role as Speaker of the Lower House.

Already a subscriber? Log in

Keep reading with a free trial

Subscribe and get your first month of online and app access for free. After that it’s just £1 a week.

There’s no commitment, you can cancel any time.

Or

Unlock more articles

REGISTER

Comments

Don't miss out

Join the conversation with other Spectator readers. Subscribe to leave a comment.

Already a subscriber? Log in