By Catharine Grundling, International News Writer
In light of Italian political and economic uncertainty, Prime Minister Matteo Renzi resigned on December 7, after the failed implantation of a new senatorial structure. Italian citizens voted against governmental reconstruction to significantly reduce the Senate population in hopes of expediting legislation. Following the defeat of the Prime Minister’s main legislative objective, he announced his resignation. This news is accompanied by both jubilation and disappointment.
BBC reports that the referendum votes failed approval by a 59% to 41% margin. Renzi’s greatest opposition in this legislative proposition was the Five-Star Movement. This anti-establishment organization campaigned to maintain the status quo. This political body also managed to gain support from Renzi’s political party. Despite this victory, the country’s economic and political stability are at odds.
Following his almost three-year term as prime minister, international leaders are concerned about the political and economic prospects of his resignation. The Washington Post reports that since Renzi’s resignation, the euro has fallen one percent against the dollar noted from Asian trading.
Italy’s political unrest may manifest in grave political implications for the European Union. Since Great Britain’s withdrawal from the EU, this international body has faced difficulties with maintaining a strong currency. Italy’s actions have already assisted in the euro’s depreciation within a mere matter of days. International investors fear the declining value of the euro in comparison to other currencies. A diminishing rate for the euro could implicate a forthcoming economic turmoil. Italy acts as Europe’s third-largest economy; therefore, a lack in Italy’s financial stability is extremely concerning given Italy’s economic regard in the European Union.
In addition to economic upheaval, Italy has also been confronted by political uprisings following Renzi’s resignation. According to The Washington Post, Italy has experienced 63 governments in the past 70 years. In conjunction with Italy’s political instability, this could result in major political shifts in coming years. Through protesting and the upcoming election to replace Renzi, Italy is not quelling political uncertainty. Luigi Di Maio, a possible party candidate for the prime minister position, claims “the arrogance that’s remained in power these last years has lost.” Renzi is known for administrative and legislative updates to the Italian people via social media, especially Twitter.
A version of this article appeared in the Tuesday, December 10th print edition.
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