Italians and international investors alike were euphoric when Mario Draghi, the former European Central Bank president credited with saving the euro, was summoned to lead the country during the depths of the Covid-19 pandemic.
But this week, Italy’s turbulent politics resurfaced as a disgruntled party in Draghi’s unity government boycotted a key parliamentary vote. The prime minister, to whom parties had pledged their loyalty in February last year, offered his resignation. Though he still commands a majority in parliament, Draghi said the conditions were no longer in place for him to proceed with an ambitious reform programme on which the flow of EU Covid recovery funds worth hundreds of billions of euros depends.
President Sergio Mattarella has rejected Draghi’s resignation and asked him to return to parliament next week. But Italians face days of uncertainty as they wait anxiously to see whether Draghi has the will to stay on — and the crumbling government can be shored up until the end of its term next spring — or whether Italy now tumbles into early elections.