-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: Draghi Said To Offer Concessions To Keep 5-Stars In Gov't
Italian Prime Minister Mario Draghi is likely to offer the Five-Stars Movement concessions on welfare payments and tax credits for home improvements in a bid to keep the populists from leaving his coalition and potentially forcing early elections, sources with knowledge of the matter told MNI.
Draghi, who said he will step down if Five-Stars leaves the coalition, was likely to promise concessions on measures included in a EUR23 billion aid package for households and companies that must be approved by parliament before July 16 in a meeting with the party’s leader Guiseppe Conte on Wednesday, sources said.
Conte’s allies have briefed that he is trying to persuade his party to remain in a government which they say has ignored its policy proposals despite its being the largest force in the legislature until last month, when about a fifth of its members left to form a new centrist grouping. Exiting the coalition would allow Five-Stars to criticise Draghi and boost its profile before general elections which must be held by next spring, but sources said parliamentarians gave Conte their backing to secure concessions and a promise of more influence on policy in future from the prime minister at a meeting earlier on Wednesday. (See MNI: Five-Star Split Augurs Difficult H2 For Draghi-Officials)
Sources in the administration and in other coalition parties nonetheless said they expected Five-Stars to eventually find an excuse to walk away, and Draghi raised the stakes last week when he said that he would not lead a government without the populist force, raising the possibility of early elections.
The meeting between Draghi and Conte comes after a vote on the aid package in the Chamber of Deputies scheduled for Monday was delayed as Five-Stars objected to measures which would alter the “citizens’ income” paid to households below the poverty line and to the Superbonus scheme providing tax credits of up to 110% on the cost of home improvements.
DISQUIET WITHIN OTHER PARTIES
In the past, Draghi has used confidence votes to force through legislation, but Conte has warned the prime minister that if he employs that tactic this time Five-Stars could vote against him.
While former European Central Bank chief Draghi is prepared to cede ground on the citizens income and the Superbonus, doing so may complicate relations with other parties in his coalition, including the centre-left Democrats.
There is also disquiet within the right-wing League, now the biggest party in parliament following the Five-Stars split, and which has similarly often found its proposals for legislation overruled by means of confidence votes. A faction within the League, worried about its gradual decline in opinion polls, favours leaving the government, and its leader Matteo Salvini has threatened to do so if Draghi allows parliament to pass liberal measures on immigration and cannabis favoured by Five-Stars and the Democrats.
But sources told MNI the League is likely to stay where it is, for fear of triggering early elections, particularly if Five-Stars leaves the coalition. Some officials in the hard-right party also argue that it has achieved some of its goals, particularly with regards to tax reform.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.