Photo Credit: Alessandro Di Meo/ANSA/Bloomberg
Italian President Sergio Mattarella dissolved the country’s Parliament leading to an election. He made this decision after Prime Minister Mario Draghi relinquished his post in response to a political decision by other parties in the cabinet.
Authorities have already announced that the schedule for the election will be on the 25th of September.
The Italian President, Sergio Mattarella, said that the dissolution of the Parliament was an “inevitable” move considering what is happening inside Italy’s current political landscape.
The president addressed his cabinet from his residence at the Quirinale Palace, thanking them for their service to Italy and himself. He also mentioned and thanked PM Draghi for his exemplary performance.
“The political situation that has been determined has led to this decision,” Mattarella explained. “The discussion, the vote, and the manner in which this vote was cast yesterday in the Senate made clear the loss of parliamentary support for the government and the absence of prospects for forming a new majority. This situation made the early dissolution of the chambers inevitable.”
“I have the duty to emphasize that the period we are going through does not allow for pauses in the interventions that are indispensable to counteract the effects of the economic and social crisis and, in particular, of the rise in inflation, which caused above all by the cost of energy and food, entails heavy consequences for families and businesses,” the president added.
The resignation of Draghi came about after the parties in his coalition, like the 5-star movement, center-right Forza Italia, and the far-right League, boycotted a confidence vote which Draghi earned in the Senate.
Even though he is a member of the Italian government, Mario Draghi has garnered the respect of leaders worldwide because of his strong policies and unwavering loyalty to his country. Further, he is an active voice against president Vladimir Putin for his attack on Ukraine.
PM Draghi and his journey in politics
Draghi, an Italian without any political ties or allegiances to parties, entered into office as Prime Minister last February 2021, leading a cabinet with a wide and diverse spectrum. His own beliefs led him on his journey, and upon entering the scene, he was immediately acknowledged by many.
Italy has had a relatively short history with Prime Ministers. In just eight years, five people have served in this position and before Draghi was Giuseppe Conte, who resigned after several issues erupted relating to the response to the Covid-19 pandemic under his leadership.
With his quick thinking and negotiation skills, Mario Draghi has been called “Super Mario” for saving the euro from certain bankruptcy during a debt crisis. He worked harmoniously with Finance Minister Daniele Franco so Italy could recover billions in savings.
With the 5-Star, hard-right League, and center-right Forza withdrawing from the government, Draghi resigned from his post. He earlier told the public that he would not lead a government in the absence of the 5-Star.
The withdrawal of the three powerful parties has left stocks in a tailspin. Stocks were down over 2%, and now that Draghi stepped away from his post, it is unclear what will happen to the Italian economy.
Italy faces a major crisis as the country cannot approve reforms and pass the budget for the next fiscal year without the Parliament. Further, Covid-19 funds will also be inaccessible, which would negatively impact the country’s fight against the virus. Italy would have to wait for the September elections before they could take steps to address these issues.
The resignation of Mario Draghi poses many risks to Italy. With inflation rates increasing, the Italian government needs a leader like him who has proven their worth during economic turmoil and will be useful in navigating this difficult time period for the country’s economy.
The inflation is only complemented by the increasing temperatures in the country, causing wildfires.
Even Emmanuel Macron, the French President, called Draghi “a great European, a trusted partner and a friend of France.” He added that he was an “unfailing supporter in providing European responses to our common challenges, particularly in the face of Russia’s aggression against Ukraine.”
Opinions expressed by US Insider contributors are their own.