Italy’s Version of Groundhog Day in Play as Mario Draghi Eyes Shift
The deal he negotiated to unlock billions in European Union funds may force politicians to stay on the reform path, even if he ascends to the presidency.
Italy seems to be stuck in a recurring loop that’s seen almost 70 governments take turns in as many years. The by-now-familiar plot goes like this: The country is gripped by a crisis, a reform-minded technocrat is drafted to administer bitter medicine, politicians rebel and take back power—and then it all starts again.
Fears that Europe’s third-biggest economy is about to enter a new cycle are running high as parliamentarians gather to elect a new head of state on Monday. The vote, which typically takes place over several days, could see Prime Minister Mario Draghi tapped for the prestigious but less hands-on role of president.