Italian PM Mario Draghi Resigns From Post Amid Economic and Political Uncertainty

Photo Credit: Alessandro Di Meo/ANSA/Bloomberg

Italy’s President, Sergio Mattarella, has issued an order to dissolve the parliament and call for an election in the next few months. The decision was made after Italy’s Prime Minister Mario Draghi resigned from his post.

The date of the election is set for the 25th of September.

Commenting on why he pushed this decision through with such ease and speed – despite being opposed by several in his country – the leader said that it was “inevitable” given what they know about Italian politics at the current.

The President addressed his constituents from the Quirinale Palace and said that he wanted to thank all of the country’s ministers, as well as former Prime Minister Draghi, for their unwavering service to Italy.

“The political situation that has been determined has led to this decision,” he said. “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,” added the President.

Read Also: Tesla and SpaceX CEO Elon Musk Remains Unfazed by Twitter’s Legal Moves, Mocks Them Instead

Draghi relinquished his post as prime minister of Italy after the 5-star movement, center-right Forza Italia, and the far-right League withdrew their support from a confidence vote that Draghi won in the Senate.

Draghi proved to be an influential leader both globally and within his country’s borders. He stands against Russian president Vladimir Putin by supporting Ukraine’s sovereignty during their siege against the nation.

Draghi entering the Italian politics

Italy’s then-Prime Minister, Mario Draghi, took office last February 2021 with an eclectic cabinet that spans the gamut of politics. When he first entered the scene, however, unaffiliated as he may have been then, he was welcomed by many who saw him as someone capable enough and willing to tackle what they all knew would be difficult challenges ahead.

The length of time that Italian Prime Ministers have served in office is lower when compared to other world leaders. In just eight years, five different individuals held the position and relinquished their posts not so long after their designation to the position. Before Draghi was Giuseppe Conte, who resigned after several issues about his handling of the Covid-19 pandemic put him under scrutiny.

Mario Draghi has been called “Super Mario” for his work in saving the euro during a debt crisis and working harmoniously with Minister of Finance Daniele Franco so that Italy could recover billions of euros.

Draghi’s tenure as Prime Minister was dropped by himself when 5-Star removed its support from the confidence vote, followed by a declaration from the hard-right League and center-right Forza to withdraw from the government.

The news of the three powerful parties in the cabinet withdrawing has sent stocks tumbling. Further, the resignation of Draghi left the government in a disadvantaged position.

Without a Parliamentary, Italy will be unable to pass important reforms and its budget for next year. The country risks billions in Covid-19 response funds that are inaccessible. Before these issues could be addressed, the country would have to undergo an election first, which is scheduled in September.

Read Also: Millions of Americans Feel the Effect of Intense Heat

Italy is in need of a strong leader like Mario Draghi, who can help them navigate through tough times. With his resignation, the Italian government will be without one important asset: an inflation fighter with experience fighting against economic turmoil.

This issue is exacerbated by several wildfires that are frequenting the country due to increasing temperatures.

Emmanuel Macron, the French President, looked at Draghi with amusement, calling the resigned minister “a great European, a trusted partner and a friend of France.” Macron added that Draghi was an “unfailing supporter in providing European responses to our common challenges, particularly in the face of Russia’s aggression against Ukraine.”

Source: CNN

Opinions expressed by US Business News contributors are their own.

Ivan Ryan

Posted by Ivan Ryan

Ivan is a digital marketer with an interest in business. He loves reading self-help books and memoirs of successful people in business.

Leave a Reply

Your email address will not be published.