Well, if nothing else, what we have seen today in Italy is the return, and the revenge, of politics.
The early projections of the Italian election results are in, and to quote Open Europe, they are “the stuff of nightmares if you sit in Brussels or Berlin.” Cry me a river. If there’s one message above all from the voters, it’s that they want nothing more to do with the Brussels proconsul, Mario Monti, the shifty ‘technocrat’ foisted on the country as prime minister towards the end of 2011. Italy is Italy and so you can never be entirely sure, but, with a bit of luck, it’s good riddance to him.
So far, it appears that Berlusconi has done better than expected, and Beppe Grillo’s populist MCS seems to be coming in at around a (remarkable) 25%. Best guess at this stage is that the pre-election favorite, the center-left PD, is not going to be in a position to form a government, and nor is anyone else.
If that’s right, another election will be necessary.
So far, this not looking like a good day for the single currency. Democracy, however, appears to have fared rather better.
And, yes, today’s developments only strengthen the case for a Northern Euro