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Italy After Monti - Financial Times

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Pierluigi Bersani won the leadership of Italy's centre-left Democratic Party, making him well positioned to become the next Prime Minister. As a former communist, Bersani is seen as a pragmatist rather than ideologue. His main task will be to make it clear that his government will continue the path set by current Prime Minister Mario Monti, including maintaining budget discipline, upholding recent labor and pension reforms, and cutting spending to finance tax cuts. However, Bersani will need to build a stable governing coalition and show that Italy can be led from the left in order to gain credibility with investors and European partners.

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Italy after Monti - FT.com http://www.ft.com/intl/cms/s/0/104ff44c-3e10-11e2-93cb-00144feabdc... December 4, 2012 6:39 pm Italy’s political outlook has recently been about as clear as the grey autumnal skies over Milan. Investors are wondering whether Mario Monti will be able to serve a second term as prime minister. Silvio Berlusconi, Mr Monti’s predecessor, is going around in circles over whether to give up politics or finally bid arrivederci to a long-suffering public. This week, a convincing win by Pierluigi Bersani in the primaries for the leadership of the centre-left Democrats has brought some clarity. Having fought off a challenge by Matteo Renzi, the youthful mayor of Florence, Mr Bersani will lead his party into next spring’s general elections. True, the Democrats will have to form a coalition to be able to govern. But since the Democrats comfortably lead the polls, Mr Bersani has a good shot at becoming the next prime minister. A former communist, Mr Bersani was the preferred pick of the left as opposed to the more centrist Mr Renzi. But his record shows he is a pragmatist rather than an ideologue. During his stint in government, he authored several liberalising reforms, including those covering the electricity industry and pharmacy shops. After winning the leadership, he said the PD would have to tell Italians “truth, not fairy tales” about the economy. Still, Mr Bersani has a mountain to climb to show that it is possible to lead Italy from the left. The dysfunctional coalition backing the government led by Romano Prodi between 2006 and 2008 achieved little and quickly collapsed. At a time of crisis, Italy cannot afford such instability. Mr Bersani should build a coalition which is cohesive enough to last for a full term. Growing weariness with Italy’s clapped-out political system may make this easier, allowing him to reach beyond the traditional power brokers on the left. It should also help Mr Bersani that new rival political forces, such as the Five Star Movement of the comedian Beppe Grillo are making headway in the polls. Mr Bersani’s main task is to make it clear that his government would follow the path set by Mr Monti. This means holding the line on public finances, not backtracking on pension and labour reforms and cutting public expenditure to finance tax cuts for businesses and workers. So far, the PD candidate has thanked Mr Monti for his work, but has been less clear in backing his agenda. He should do so soon. Ultimately, this is what will determine the credibility of any future Italian government in the eyes of investors and European partners. Printed from: http://www.ft.com/cms/s/0/104ff44c-3e10-11e2-93cb-00144feabdc0.html Print a single copy of this article for personal use. Contact us if you wish to print more to distribute to others. 1 of 2 05/12/2012 12:50
Italy after Monti - FT.com http://www.ft.com/intl/cms/s/0/104ff44c-3e10-11e2-93cb-00144feabdc... ? THE FINANCIAL TIMES LTD 2012 FT and ‘Financial Times’ are trademarks of The Financial Times Ltd. 2 of 2 05/12/2012 12:50

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Italy After Monti - Financial Times

  • 1. Italy after Monti - FT.com http://www.ft.com/intl/cms/s/0/104ff44c-3e10-11e2-93cb-00144feabdc... December 4, 2012 6:39 pm Italy’s political outlook has recently been about as clear as the grey autumnal skies over Milan. Investors are wondering whether Mario Monti will be able to serve a second term as prime minister. Silvio Berlusconi, Mr Monti’s predecessor, is going around in circles over whether to give up politics or finally bid arrivederci to a long-suffering public. This week, a convincing win by Pierluigi Bersani in the primaries for the leadership of the centre-left Democrats has brought some clarity. Having fought off a challenge by Matteo Renzi, the youthful mayor of Florence, Mr Bersani will lead his party into next spring’s general elections. True, the Democrats will have to form a coalition to be able to govern. But since the Democrats comfortably lead the polls, Mr Bersani has a good shot at becoming the next prime minister. A former communist, Mr Bersani was the preferred pick of the left as opposed to the more centrist Mr Renzi. But his record shows he is a pragmatist rather than an ideologue. During his stint in government, he authored several liberalising reforms, including those covering the electricity industry and pharmacy shops. After winning the leadership, he said the PD would have to tell Italians “truth, not fairy tales” about the economy. Still, Mr Bersani has a mountain to climb to show that it is possible to lead Italy from the left. The dysfunctional coalition backing the government led by Romano Prodi between 2006 and 2008 achieved little and quickly collapsed. At a time of crisis, Italy cannot afford such instability. Mr Bersani should build a coalition which is cohesive enough to last for a full term. Growing weariness with Italy’s clapped-out political system may make this easier, allowing him to reach beyond the traditional power brokers on the left. It should also help Mr Bersani that new rival political forces, such as the Five Star Movement of the comedian Beppe Grillo are making headway in the polls. Mr Bersani’s main task is to make it clear that his government would follow the path set by Mr Monti. This means holding the line on public finances, not backtracking on pension and labour reforms and cutting public expenditure to finance tax cuts for businesses and workers. So far, the PD candidate has thanked Mr Monti for his work, but has been less clear in backing his agenda. He should do so soon. Ultimately, this is what will determine the credibility of any future Italian government in the eyes of investors and European partners. Printed from: http://www.ft.com/cms/s/0/104ff44c-3e10-11e2-93cb-00144feabdc0.html Print a single copy of this article for personal use. Contact us if you wish to print more to distribute to others. 1 of 2 05/12/2012 12:50
  • 2. Italy after Monti - FT.com http://www.ft.com/intl/cms/s/0/104ff44c-3e10-11e2-93cb-00144feabdc... ? THE FINANCIAL TIMES LTD 2012 FT and ‘Financial Times’ are trademarks of The Financial Times Ltd. 2 of 2 05/12/2012 12:50