Mario Draghi is best known for saving the euro. But a coveted rescue of the Italian economy ended prematurely.
The collapse of his government came about because of those fragilities at the heart of government. It started with the Five Star Movement , a left-leaning and populist party, boycotting a vote on a package aimed at helping Italians deal with the surging cost of living. The package included a controversial waste incinerator for Rome, which M5S vehemently rallied against.
Draghi had"trusted this was a national unity government," the official said. But with M5S abstaining from the vote on the government's bill,"Draghi felt [it] was becoming harder and harder to enact his program," the official added.President Sergio Mattarella had rejected Draghi's initial resignationIn the following days, hundreds of mayors had signed a letter asking him to stay. Union leaders and industrialists also come together to ask Draghi to remain in office.
"If they said yes, [Draghi] had all the power he wanted; if they said no, he could resign without being blamed for leaving the country," the official said. The upcoming election will matter not only to see where Italy's finances and fiscal strategy will be heading, but also whether Europe will continue to raise new funds together.had on the European economies. This was so significant that the 27 members of the EU decided to raise money jointly through the European Commission, the executive arm of the EU, for the first time. Italy, because it suffered the most from the pandemic, is receiving the largest chunk of the money borrowed.
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