A Giant of Europe Prepares to Head Italy’s New Unity Government

A Giant of Europe Prepares to Head Italy’s New Unity Government

Rome – Mario Dragi, a large population of Europe credited largely for saving the euro, formally presented a comprehensive unity government to the president of Italy on Friday, but everyone assured that he was a precarious Will become prime minister at the moment when the prospect of a more closely bound European union hinges on Italy’s success.

Mr Puli, who is expected to easily pass the formalities of trust votes in Parliament next week, will be tasked to guide Italy through the disastrous and unpredictable. Universal epidemic.

But he must also spend his future safely and efficiently to spend a one-time generation-by-relief package financed by debt raised collectively by all EU countries for the first time. If he succeeds, he can set an example. If that fails, EU countries are less likely to approve such a package again.

Mr drew Italian comes into a position of rarity in politics.

A recognized politician in Europe, he had the opposite problem of his predecessors who struggled to get together to form a government. Mr. Dhani spent several weeks trying to find room on his bandwagon for an ideological hodge of political parties.

Pro-Europe liberals and former communists joined far-flung populists who had surprisingly changed their tune, anti-establishment forces desperate to be a part of their founding, and a free-market media mogul who was a general Welcomes the return of status.

“I will read the composition of the government,” Mr. Dhani said in a statement on Friday night that contrasted with the activism of his predecessor and underlined his strict business reputation and the urgency of his mandate.

In a previous visit to the President’s Quirinal Palace, Mr. Dhani talked about the “extraordinary resources of the European Union” and this gave Italy’s future a chance. On Friday night, he simply read a list of cabinet members, consisting mostly of politicians and some prominent technocrats. Then he left.

Internationally spat could become on the road due to the diverse support of Mr. Pulley. But lawmakers said the need to spend too much cash could bring meaningful reforms to Italy’s investment-repellent bureaucracy and glacial judicial system.

Those bets are quite high. But experts, legalists and EU officials say that a more integrated fiscal union in the future is also riding on Mr Draghi’s success in managing hundreds of billions of euros from Brussels. They feel that they are in good hands.

“The facts that took the country forward at this particular moment were very, very big news.” Paolo GentiloniEU Economy Commissioner and himself a former Italian Prime Minister, said in an interview to Brussels. “And there is great news.”

Mr. Gentiloni said that M. After dragie Italian government collapse Convinced European leaders particularly because of their reputation for “caring about execution”.

Others said that Mr. Dhani’s position as a proven senior politician was self-important as a proven senior politician, on the union of a potential leadership void. Left the UK, Chancellor of Germany Angela Merkel is preparing to step down And facing French President Emmanuel Macron Tough election.

For supporters of a more robust European Union and Italy leadership, Mr. Puli’s arrival is just in time.

Last year, Ms. Merkel and Mr. Macron beat the opposition to gain approval of 750 billion euros ($ 857 billion) Incentive agreement To protect the economies of member countries isolated from the virus. An ever-closer EU proponent, dreaming of debt and property sharing similar to the United States, considered the fund a major step forward.

For the first time, countries raised money by selling bonds collectively on the open market, and then disbursed too much money in the form of grants rather than loans, so that other countries of the Union would not have to repay. This marked a significant departure from block regulations to keep the national debt under control.

Italy received the largest share of around € 209 billion compared to the modern day Marshall Plan. This time the plan is to invest in digital competition, education, green economy and large public projects.

But the windmill has also created a barrier. Northern European countries are already resistant to the idea of ​​burdening their taxpayers Debt-ridden Europeans are concerned about South Rome’s ability to absorb and spend money effectively. After saving the euro as chairman of the European Central Bank, Mr. Dhani would have to secure the dream of a more unified union, ever more.

“If it succeeds, it is a pillar for European success,” said Mr. Gentiloni, while the relief fund was conceived as a once-a-year operation, the history of the union has revealed That sticks with what works. “This can be a precedent.”

Others saw Mr. Drew’s work and its impact on Europe’s future even more historically, referring to Alexander Hamilton in the United States.

“If it is a success, it will inevitably ignite a Hamilton process,” said Nathalie Tosi, director of Italy’s Institute of International Affairs and advisor to the European Union’s head of foreign policy. “If it is a failure,” he said, it would “amount to a nail in the coffin for those who believe in the fiscal union.”

It is generally understood, m. Gentiloni agreed, saying that the failure would be “for a few years, very difficult to abandon the idea.”

Doubts about the ability of the previous government, led by Giuseppe Conte, to spend money effectively led to the downfall of his government more than any other factor. After mr conte Failed attempt To form a new coalition, President Sergio Matarella called for Mr. Dhani to form the government.

Mr. Puli’s credibility from his leadership of the European Central Bank during the debt crisis, his deep professional relationship with top players on the European stage and his nuanced understanding of Italy’s economy uniquely prepared him for the moment.

His seriousness has proved to be an irresistible influence on political parties, who want a role in Europe’s spending billions and their possible success.

Matto Salvini, Italy’s leading nationalist, who once wore a “substantial Euro” t-shirt, has worked to appease his pro-business base and gain a place in a banker’s government that is the Italian articulation of the euro.

Anti installation Five star movement, Whose founder campaigned to leave the Euro, inevitably parted, with the majority Mr. Dhi and hoping to reestablish themselves as a small green contingent. He spent years calling the Prime Minister Silvio Berlusconi “Psycho Dwarf”, but will now have his supporters in the same government. So is the center-left Democratic Party that has been mocked for years by all of the above.

The lawmakers hoped broad support could allow Mr Pulley to enact emergency legislation to remove administrative obstacles – and a baroque bureaucracy – that have slowed Italy down for decades. For example, there is an expectation among many that Mr. Drew will be able to address the slow pace of the Italian judiciary, as international investors are often outspoken to avoid lawsuits that could freeze business for years Huh.

“I am sure Drew is well equipped, experienced to overcome these famous hiccups,” said Mr. Gentiloni, who also cautioned, “We should not expect that these can resolve into sudden success . “

According to the Bloc’s rules, Italy would have to submit its plan to spend the relief package by the end of April. Some lawmakers have expressed concern that a delay put Italy behind other countries and postponed entry into the system until the money fell.

Mr. Gentiloni said that he saw Italy would not be late and expressed confidence in Mr. Puli’s ability to work on things. It would matter to Italy, but also to Europe.

“Not only short-term,” he said. “But also in the long term.”



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