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ITALY
The populist 5-Star Movement (M5S) has lost its position as the largest party in the Chamber of Deputies following the resignation of Foreign Minister Luigi Di Maio in order to form his own political party. The right-wing populist League of former Deputy PM Matteo Salvini now sits as the largest party in the lower house.
- Di Maio has taken 51 deputies and 11 senators from M5S to join his centrist 'Together for the Future' (IpF) bloc. This reduces M5S to 104 seats in the Chamber of Deputies, behind the League on 132.
- The withdrawal of Di Maio's party from M5S does not in the short-term impact gov't stability, given that he has pledged to continue supporting PM Mario Draghi's broad coalition gov't.
- In the wake of Di Maio leaving M5S, Salvini has raised questions about whether he should continue in the prestigious position of foreign minister, given that he is no longer part of the largest party in gov't.
- Di Maio stated that his primary factor for leaving M5S was party leader, former PM, Giuseppe Conte's lukewarm attitude towards supporting Ukraine. Di Maio has advocated significant military support for Kyiv, while Conte has talked up fostering talks with Russian President Vladimir Putin.
- M5S already down to fourth place in most opinion polls ahead of the next legislative election (due June 2023 at the latest). This split likely to damage the party's standing further, and could precipitate more splits ahead amidst a fractious internal party environment.
Chart 1. Italian Chamber of Deputies, Seats
Source: camera.it, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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