Has Mario Draghi really resigned? - 15 July 2022

The Eurointelligence Podcast

Wolfgang Munchau

Geopolitics, Recovery Fund, Fiscal Union, Ecb, Italy, News, Politics, Germany, Government, France, European Integration, Political Risk, Uk, China, Trade, Spain, Netherlands, European Union, Brexit, Economics, Eu-china, Business, Political Union, Political Economy, Transatlantic Relations, Eurozone, European Politics, Eu, Banking

4.6 • 38 Ratings

🗓️ 15 July 2022

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the collapse of the Italian government, and on the German gas count-down.

Transcript

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0:00.0	Welcome to the Eurointelligence podcast. I'm Wolfgang Munchau and with me are Zuzana Munchank and Jack Smith.
0:06.6	Today we would like to talk about the political crisis in Italy and about possibly the economic
0:12.2	crisis in Germany that might happen next week when or if Vladimir Putin were to cut off the gas.
0:20.1	So this is turning out a busy, a busy months after all, Jack.
0:24.4	So can you make sense of what is happening in Italy? Has Draghi resigned or has he sort of unresigned again?
0:33.4	Yeah, yeah. So first thing to say just for the benefit of our listeners is that we're reporting
0:38.3	this on Friday morning at about 11-ish. It's important because things could like change again
0:43.9	this afternoon or over the weekend or something, right? So just to make clear when we're recording
0:48.2	this. Secondly, it only makes sense in relative terms, not on absolute terms. Basically, what happened was that if I start from the very beginning of the story, which really begins with five-star splitting, I'm sure a lot of our listeners will be aware of that when Luigi DiMio, the foreign minister, went off.
1:09.6	That kind of prompted a bit of soul searching within the party within 5-star.
1:14.1	And as a result of that process, the party and Giuseppe Conte, who leads it, came out with a,
1:21.2	basically a list of demands for the Draghi government, right?
1:24.1	For Mario Draghi personally.
1:26.4	Last week, Conte went to Draghi and presented those
1:31.2	demands. And then the next move after that was going to be a cost of living related fiscal
1:37.4	measure that basically had to pass through the Italian parliament this week, right? The previous
1:42.3	measures were due to expire tomorrow, so it had to get
1:44.8	through the Chamber of Deputies in the Senate by the end of the week. Now, what then happened
1:49.9	is that because of their kind of issues with Draghi and their kind of issues with the fiscal
1:57.3	measures, Five Star said, okay, we are not going to turn up for the vote in
2:03.3	the Senate on this bill. So the bill can still pass, but we're basically going to abstain. And
2:09.3	Draghi had already made it clear that if he couldn't count on the full support of the parties in
	...

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