Italy appears headed toward new elections after president pumped the brakes on anti-euro populism


On Sunday, Italian President Sergio Mattarella rejected a Eurosceptic finance minister proposed by a populist coalition trying to form a new government following March elections, and when the two parties abandoned their efforts in anger, Mattarella asked former International Monetary Fund official Carlo Cottarelli to form a caretaker government Monday. Cottarelli will present his own Cabinet list to Mattarella on Tuesday, but Parliament will likely give Cottarelli and his government a vote of no confidence later this week, setting up new elections in the fall.
The antiestablishment Five Star Movement, which won a 33 percent plurality in the March elections, formed a populist coalition with the far-right League party, which won 17 percent. After Mattarella vetoed their choice of Paolo Savona as finance minister, the two parties called for Mattarella's impeachment. "Early elections are exactly what the two populist parties want, giving them a chance to rally support behind their claim that the Italian and the wider European establishments are getting in the way of the will of the people," BBC News says. The likely prospect of Five Star and the League gaining in the next election in Europe's third-biggest economy roiled markets throughout Europe and sent the euro to a six-month low.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
June 25 editorial cartoons
Cartoons Wednesday's cartoons include war on a loop, the New York City mayoral race, and one almighty F-bomb
-
How generative AI is changing the way we write and speak
In The Spotlight ChatGPT and other large language model tools are quietly influencing which words we use
-
How long can Nato keep Donald Trump happy?
Today's Big Question Military alliance pulls out all the stops to woo US president on his peacemaker victory lap
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores