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Mario Monti resigns

21 December 2012

7:24 PM

21 December 2012

7:24 PM

Following the passing of his budget, Mario Monti has quit as Italian Prime Minister. At the moment, it remains unclear whether he’ll continue to lead the government until elections next year.

Many in the Italian establishment—and, I understand, several European leaders—would dearly love Monti to emerge as the leader of a centrist coalition ahead of the election, though as a Senator for Life he can’t run in the election himself. They view the popular endorsement of Monti’s reforms as the best possible result for the stability of the Eurozone.

What seems certain, though, is that the Italian elections will be highly unpredictable. The presence of both a comic and Silvio Berlusconi in the race guarantees that it will not be a conventional contest.

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  • Daniel Maris

    James – have you given up the “Eurozone on the verge of collapse” narrative? Why? You seemed to be enjoying it so much for the last couple of years.

    • HooksLaw

      In fairness it has to be said you have a point. it ought to have gone by now. Give it time, but we have to admit it may not collapse.

      • Daniel Maris

        I wouldn’t mind if they ever admitted their errors –

        “Yes we got it wrong… the Arab Spring has turn into the Muslim Brotherhood Revolution…”

        “Yes we got it wrong…Osborne created a consumer panic and collapsed consumer confidence deepening the UK recession…”

        “Yes we got it wrong…the Eurozone hasn’t collapsed and the Greek and the Spanish people want to stick with the Euro.”

        “Yes we got it wrong…Pickles hasn’t cut any red tape at all…he’s just increased bureaucracy and sown confusion.”

        “Yes we got it wrong….mass immigration isn’t a matter of liberal lifestyle choice – it’s led already to a major housing crisis and primary education crisis in London and the South East. We now admit mass immigration is seriously undermining out prosperity.”

        The Spectator don’t do apologies. 🙂

        • mark

          How could anyone understand your narrative, much less apologise for your appalling ability to critically analyze these events. Just keep blaming “someone else” that should do the trick…

        • HooksLaw

          Yes well I disagree with, most of your list and has the Speccy ever been in favour of mass immigration?. not that I am a big fan of the Speccy. The day the Guardian admit they got it all wrong will be a fine day. The media generally are infantile.

        • Mycroft

          How about an apology from those who said that the Euro would be so wonderful for Europe? Now it’s apparently a triumph that it should just be kept going, with mass unemployment in the worst affected countries.

    • telemachus

      Not only has it not collapsed but when Ed Balls has put our economy in order we will join and continue growth with the German Tiger

      • Colonel Mustard

        German Tiger Tank more like.

  • Archimedes

    Politicians of the world, beware! Monti’s deft handling of all this, and decision to step down at the appropriate time will be used as a way to promote technocracy.

    • Gordon Brown

      They are now growing

      • Archimedes

        Que’est que c’est your point?

        • dalai guevara

          Merely ‘legitimising’ technocracy perhaps? If so, who could argue against it?

    • Austin Barry

      And Goldman Sachs alumni.

    • Kevin

      I have the same fear about Mark Carney’s current reputation. I remember all too recently Alan Greenspan’s glorification as a “rock star” before he ended up third on Time’s list of people to blame for the financial crisis.

  • Archimedes

    “What seems certain, though, is that the Italian elections will be highly unpredictable”

    Well! That’s an improvement! Usually in the eurozone you can count on nothing happening.

    • chudsmania

      Apart from can kicking (down the road). Its the EU’s national sport dont ya know , so much experience an olympic place must be up for grabs……

  • HooksLaw

    I thought he resigned 2 weeks ago?