I’ve been a fan of Yascha Mounk’s Persuasion, which was founded to resist the illiberal turn in American media. The newsletter deliberately publishes analysis and commentary from across the political spectrum to make it readers think. I’ve disagreed with several pieces, and that’s the point.
Mario Draghi is off to a good start. The former central banker has won the support of Italy’s major political parties to form a government and he understands the reforms it needs to undertake.
His challenge will be convincing the parties to see those reforms through.
Receiving more than €200 billion from the EU’s €750 billion coronavirus recovery fund should help. A chunk of the money will go to vaccinating Italy’s population of 60 million, but there will be more than enough left over to invest in long-term growth.
Money isn’t everything, though. Bringing Italy’s economy back to life after it shrunk almost 9 percent in 2020 will require making the sort of choices its politicians have avoided for years. Read more “Draghi Understands What Italy Needs”
The Catalan branch of Spain’s ruling Socialist Party shared first place with the separatist Republican Left in regional elections on Sunday, but the unionist camp as a whole lost support relative to pro-independence parties.
Both the Republican and Socialist party leaders have announced they will put themselves forward as candidates for the regional presidency.
Pro-independence parties are projected to defend their majority in the Catalan parliament on Sunday, but the regional branch of Spain’s ruling Socialist Party could place first in the election.
The Catalan Socialists, led by former health minister Salvador Illa, who resigned from Prime Minister Pedro Sánchez’ cabinet two weeks ago to campaign, are polling at 21-23 percent, up from 14 percent in the last regional election and 20.5 percent in the last national election.
It’s not an endorsement of Italian democracy that the country needs another above-the-fray technocrat to pull it out of the mud.
If Mario Draghi, the former European Central Bank chief, wins the support of parliament, three of the last six Italian prime ministers will have been apolitical appointees.
I hope Ferdinando Giugliano is right and Draghi will succeed where his predecessors failed, but recent history — and Giugliano points this out too — does not inspire confidence. Neither Mario Monti nor Giuseppe Conte was able break the political logjam to enact much-needed reforms. Read more “Italy Shouldn’t Need Draghi”
Sometimes bad people do good things. Spain’s neo-Francoist party Vox (Voice) has given Prime Minister Pedro Sánchez a majority for his plan to spend Spain’s €140 billion share of the EU’s €750 billion coronavirus recovery fund.
Vox had criticized the plan for its “opaque” oversight during a debate in Congress, but when it became clear the conservative People’s Party (PP) would vote against it, the far right spied an opportunity.
“We regret that in the worst moment of these 42 years of democracy, PP is not the opposition but the absolute destruction,” a Vox spokesman thundered.
That’s a little rich coming from a party that wants to reverse Spain’s democratization in important ways, including by abolishing regional autonomies, teaching a more Franco-friendly version of twentieth-century history in middle schools and weakening women’s rights.
Former Italian prime minister Matteo Renzi has pulled the plug on the country’s ruling center-left coalition.
Renzi, now a senator, has withdrawn his 48 lawmakers and three ministers (one junior) from the coalition ostensibly over a spending dispute. He wants to use Italy’s €200+ billion share of the European Union’s €750 billion coronavirus recovery fund to invest in infrastructure and the green economy. The other ruling parties prefer to use the bulk of the money for short-term stimulus.
Renzi has also proposed to tap into the European Stability Mechanism (ESM), set up in the wake of the euro crisis, to help pay for Italy’s increased health-care spending, something Prime Minister Giuseppe Conte has resisted. ESM funding would come with strings attached. Countries are free to spend their share of the coronavirus recovery fund however they see fit.
Renzi’s proposals have merit. Italy is failing its next generation. It needs structural reforms — which ESM support would require — to catch up with the rest of Europe. Spending €200 billion to prop up the Italian economy in the short term is a wasted opportunity.
But expecting the other ruling parties to meet his terms, when Renzi’s is by far the smallest of the three, is unreasonable. Throwing Italy into a political crisis when it is still suffering one of the worst outbreaks of coronavirus disease in the world is irresponsible.