Il mio post sul Financial Times in risposta all’articolo di Wolfgang Munchau ‘Italy’s referendum holds the key to the future of the euro”
The positions on the euro of the main opposition parties in Italy are represented incorrectly: Forza Italia, Mr Berlusconi’s party, is not for exiting the euro and is in the European Popular Party of Ms Merkel. The 5 star Movement is not for exiting the euro. It proposes a referendum on the single currency. The Northen League in the streets and in some talk shows actually is for exiting the euro, but when his leader, Matteo Salvini, has interviews with the mainstream newspapers never mentions euro-exit. So, please, no dramatisation for the victory of the “No” in the constitutional referendum on Dic 4th. Even if Matteo Renzi will not be any more Prime Minister, the Parliament will elect a govern lead by an institutional figure to complete the approval of the budget law and to change the electoral law. As happened with Greece (referendum on the Troika Memorandum, 5 July, 2015), U.K. (Referendum on Brexit, 23 June, 2016) and Us (Presidential election) trying to scare people for promoting a pro-establishment vote, backfire. Than, Mr Munchau is right: a euro based on labour devaluation is unsustainable, not only for Italy, but for all the Eurozone countries outside the German ring.