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ITALY
The resignation last night of centre-left Democratic Party (PD) chief Nicola Zingaretti highlights the still-fragile nature of the coalition gov't propping up the administration of Prime Minister Mario Draghi.
- Zingaretti unexpectedly announced his resignation yesterday evening, stating that he was " ashamed that within the PD [...] for 20 days people have only been talking about posts and primary elections, when in Italy the third wave of COVID is erupting,". Zingaretti has faced criticism from within the party for a period of time, firstly for entering into coalition with the populist 5-Star Movement under former PM Giuseppe Conte, and more recently for failing to provide any ministerial posts for women in the Draghi gov't.
- The PD holds its annual national assembly on 13-14 March. Some PD officials have called on Zingaretti to reconsider his resignation, but should he refuse to do so the meeting could mark the start of an election process.
- Zingaretti's resignation is demonstrative of the fragile nature of Draghi's broad coalition. While the gov't nominally holds a commanding majority in both houses of parliament, the 5-Star Movement (the largest party in parliament) has been divided since day 1 over supporting the technocratic gov't. It is also clear that there are internal ructions within the PD over its position in gov't. Some are opposed to working alongside the right-wing populist League, while other want a clearer policy stance from the leadership to boost the party's polling fortunes.
- Earlier this week, former PM Giuseppe Conte agreed to take interim control of 5-Star, promising a 'total restructuring' of the party. Initial polling has shown a boost in support for a Conte-led 5-Star, largely at the expense of the PD.
Draghi Holds Comfortable Majority, But PD And M5S Instability Will Raise Questions Of LT Stability
Source: Italian parliament. N.b. PD, IV, LeU, M5S, FI, Mixed pr--Draghi group and League support Draghi gov't.
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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