On Thursday, Italian Prime Minister Mario Draghi submitted his resignation to President Sergio Mattarella after his coalition government fell apart, causing fresh political upheaval in the third-largest economy in the EU. The president of state “took note” of the resignation, according to a statement from Mattarella’s office, and asked Draghi to continue in a caretaker capacity.
The speakers of Parliament would meet with Mattarella regarding the discussion of the matter of new elections on Thursday in the afternoon, the statement from the presidential palace confirmed. The parliament will likely be dissolved.
What Mattarella will do next was not specified in the statement. The party operatives predicted that he would dissolve parliament and call for early elections in October. His resignation opens the possibility of early elections in September or October.
On Wednesday, Draghi won the vote of confidence in the Senate, but three members of his coalition boycotted the vote, effectively ending any chance of his unity government’s survival. After one of his partners, the populist Five Star Movement refused to support him in a vote of confidence on policies addressing the rising cost of living, Draghi requested his retirement last week. But Mattarella refused to accept his resignation and instead asked him to go and test his ability to maintain the broad coalition until the expected end of the current legislative session in early 2023 before the parliament.
As Italy suffered from the coronavirus pandemic and a weakening economy in 2021, Draghi, a former head of the European Central Bank, criticized his fractious national unity government and urged them to get their act together before it was too late. Months of stability in Italy have been turned upside down by the political turmoil, but during that time, respected former central banker Draghi helped shape Europe’s firm reaction to Russia’s invasion of Ukraine and enhanced Italy’s standing in the financial markets.
After winning the vote of confidence, Draghi addressed the Senate and called for cooperation while highlighting several problems facing Italy and requirements for continuing in office. Five Star once more chose not to support him, claiming that he had not addressed their main issues.
The main Italian stock market, the FTSEMIB, fell more than 2.5 percent on Thursday as a result of the fact that the government of the nation is on the verge of disintegrating.
Following his resignation, According to Lorenzo Codogno, chairman of LC Macro Advisors and a former top Italian Treasury official, “it is a huge blow to Italy’s ability to deliver policies and changes over the near term.” Early elections will cause delays and disruptions, and there won’t be a budget by year’s end.
The new polls
Raney explained that even with the Five Star Movement on board, things would have been chaotic and impossible to continue.
According to polls, the conservative coalition, which includes the extreme right Brothers of Italy party, would probably prevail in a vote. The center-left Democratic Party and the neo-fascist Brothers of Italy party, which had continued to oppose Draghi’s alliance, have nearly identical percentages, according to opinion polls.
Meloni, who has demanded an early election ever since the crisis began, was jubilant. Voting is the only means for people to express their will. Let’s restore Italy’s courage and hope, she said.
Due to their party’s choice to oppose Draghi’s administration, two ministers in Berlusconi’s Forza Italia party resigned. Renato Brunetta, the minister of Public Administration in Mario Draghi’s administration, claimed that by refusing to support Draghi, his party had deviated from its core principles of liberalization, the social market economy, equity, and Europeanism.
Brunetta was joined in her condemnation by Maria Stella Gelmini, a former minister for regional affairs.