Il Presidente e il Professore
The President is 85 year old Giorgio Napolitano, former Communist, whose election 5 years ago was commented upon by dotCommonweal here. The Professor is the formal and formidable Mario Monti who took on and defeated G.E. and Microsoft while head of the European Union’s Commission on Competition.
Today’s Times gives the latest in Italy’s ongoing struggle with “La Forza del Destino.”
President Giorgio Napolitano, who as the head of state must approve the formation of a new government, gave a tough speech on Sunday aimed at reassuring investors about Italy’s commitment to the euro and warning the nation’s insular political class about the stakes involved. He called on lawmakers to form a broad coalition in support of Mr. Monti that would be able to push through urgent economic measures.
News media reports said that Mr. Monti initially sought to include figures from the major parties in his cabinet in an effort to share the political cost of the government’s program, including unpopular austerity measures. But while most major parties were prepared to back his government, few were willing to join it. The new cabinet is now expected to consist mainly of technical experts rather than politicians.
Mr. Napolitano, who met with leaders from across the political spectrum on Sunday to gather pledges of support, said in his speech that “it is a responsibility we perceive from the entire international community to protect the stability of the single currency as well as the European frame work.” He added that Italy understood how its actions would affect “the prospects for the recovery of the world economy.”
Another helpful article in today’s Times makes clear that the opera’s last act may still prove to be a rocky one:
It remains to be seen, however, whether Mr. Monti — who has no hands-on political experience at home — can convince financial markets that he can overcome Italy’s snarled domestic politics and implement the cost-saving measures that Italy has promised to whittle down a mountain of debt and boost growth.
“Mr. Monti brings credibility and legitimacy, but also the notion that if he fails and his efforts fail, everyone will be worse off,” said Moisés Naím, a senior associate in the international economics program at the Carnegie Endowment for International Peace in Washington, who knows Mr. Monti. “The bottom line is that Italians have lost their alibi once Berlusconi is gone and the hard work starts; there are no excuses any more.”
Through all the drama, that has oscillated between tragedy and farce, President Napolitano has been a singular voice of propriety, civility, and competence. He has been rightly celebrated by the editors of Rome’s left-leaning daily, La Repubblica, whose esteem for Napolitano is matched only by their disdain from Berlusconi. Commenting on yesterday’s mandate to form a new government, given by the President to the Professor, the newspaper’s editorial said it was marked by: “la convinzione che l’Italia possa farcela.” I suppose the rough translation is “yes, we can!” Speriamo bene!
Best of luck to Monti. He will need it. I see from the NYT that he’s also the president of Bocconi University, and I suppose the rough analogy would be putting the head of the Harvard Business School (or one of its competitors) in charge of this country.
About l’Italia possa farcela, yes we can. Two years ago Sandra Cane became Italy’s first black mayor (of Viggiù in Lombardy, up near the Swiss frontier). Actually, like Obama, she’s only half African American, the other half being Italian, and like Obama (with only an added letter) her electoral slogan was “Yes, we Cane.” According to Wikipedia, in her native Massachusetts, she’s a Democrat, but in Italy, she’s attached to the Northern League. Go figure.
That’s my trivia contribution for this morning.
Napolitano has been one of the most admirable voices in Italy in recent years, and not just in the immediate crisis. Yesterday when he spoke at the end of a very long day, a very long week, he was calm and unfaltering. He ended the brief period given to journalists’ questions after his speech with his unfailing courtesy. “Vi ringrazio. Buona sera.” Alcide De Gasperi would be proud.
But the way ahead? Very uncertain. Too many vested interests determined on protecting their own turf. As well, Berlusconi retains enormous power. He has not only made many careers, but, as is well known, is the richest man in the country, with major control of the media. However, to me the most worrying figure is Umberto Bossi, il Senatur, of the Lega Nord. He seems intent on bringing the whole country down in ruins. He and his party have already served notice that they intend to keep Professor Mario Monti on a very short leash. Their goal is immediate elections, but that way madness lies. Vedremo.
Dear John,
thank you for your very helpful further analysis. Yes the way ahead is fraught with uncertainty; and Bossi is a prime reason. But the Left also seems in its usual disarray.
Nicholas,
your “trivia” are always informative. Don’t hold back!
John Page brought to my attention a relevant column frmo today’s “Corriere della Sera:”
“We Italians may be emotional, but we are not stupid. In an emergency, we didn’t laugh it out with Silvio; we rushed to the emergency room of doctor Mario Monti. We are also realistic. We know that this is not enough. A new government does not guarantee that a bail-out, if needed, will be forthcoming, let alone that it would succeed. Italy’s refinancing needs are huge: according to Bloomberg, about €200bn of bonds maturing next year and more than €100bn of bills, a sum that would virtually exhaust the eurozone’s rescue fund.
“The crowds may burst into choruses of “Hallelujah!” outside the Quirinale Palace in Rome, but they know it was not Italian voters and public opinion that dismissed Mr Berlusconi. The financial markets, European Union, European Central Bank and International Monetary Fund did. Only two Italians helped: Mario Draghi, the new ECB president, and Giorgio Napolitano, president of the republic, who, aged 86, nimbly engineered the transition.
“We Italians may be careless at times, but we are sensible when we want to be. We know that from now on help will not come from above or from outside. It’s time to put our own house in order: no more delays. Of course, having an elected leader to replace Mr Berlusconi would be better. But the likely new prime minister, Mr Monti, is now a senator, and is expected to head a national unity government backed by an impressive majority. Equally important: judicial tangles, conflicts of interest and late-night parties will not distract him.”