TOPIC OF THE DAY –
“Populists In Rome”
The political whirlwind that has swept Italy looks to be dissipating, at least for now. Giuseppe Conte, a little-known academic with an embellished resume, has been sworn in as Prime Minister, after weeks of wrangling between President Sergio Mattarella and a coalition with a slim parliamentary majority. The two-party combine, the anti-establishment Five Star Movement (M5S) led by Luigi Di Maio and the far-right League headed by the rabble-rousing, anti-migrant Matteo Salvini, disbanded plans to form a government after Mr. Mattarella exercised his powers to block the appointment of Eurosceptic Paolo Savona as Finance Minister. The President then decided to order fresh elections and appoint an ex-IMF official as interim Prime Minister, a decision that, if implemented, could have made a bad situation worse. The Eurosceptic coalition partners wasted no time in using the President’s actions as a rallying point for their cause. They charged that France and Germany were running Italy and called for Mr. Mattarella’s impeachment. The prospect of snap polls, which could have resulted in the populists getting a stronger majority, rattled markets early this week. Italian bond yields hit highs unseen in years and share prices dropped not just in Italy but across Europe, the U.S. and Asia. The coalition, which began serious talks in early May, had toned down some of its anti-European Union demands such as leaving the single currency and some €250 billion in debt forgiveness. But it still planned to spend some €170 billion on income support and lower the pensionable age and taxes. Without plans to raise adequate revenue to fund the spending, the markets and Brussels got jittery. Italy’s government debt is at 132% of GDP, well above the Eurozone average. However, as the week progressed, all sides saw opportunities and a deal was struck, with the President assenting to economics professor Giovanni Tria taking over the finance portfolio. The new government will now have to win a confidence vote next week. The road ahead for Italy is far from clear. According to official EU surveys, although 59% of Italians favour the euro, just over half “tend not to trust” the EU. Both Europe and Italy would sustain significant damage if Italy left the Eurozone. Fortunately, that is still an unlikely scenario. The current situation, a coalition of populism and the right, is not ideal. But it provides an opportunity to address some of the underlying Italian disenchantmentwith the EU, perhaps by striking a balance between austerity and populism. Also, Brussels, along with France and Germany, could work with Italy to address economic and social anxieties. A way can be found that protects both the democratic choices of Italians and the stated values and integrity of the EU.
WORDS AND MEANINGS –
Dissipating
Meaning: (With reference to a feeling or emotion) disappear or cause to disappear.
Example: “The concern she’d felt for him had wholly dissipated”
Synonyms: Disappear, Vanish.
Embellished
Meaning: Make (something) more attractive by the addition of decorative details or features.
Example: “Blue silk embellished with golden embroidery”
Synonyms: Decorate, Adorn.
Wrangling
Meaning: Have a long, complicated dispute or argument.
Example: “The bureaucrats continue wrangling over the fine print”
Synonyms: Argue, Quarrel.
Rabble-rousing
Meaning: a person who makes speeches that make people excited or angry, usually intentionally in order to make them act in a particular way.
Example: “Johnson was unpopular with the management because he was a well-known rabble-rouser”
Disbanded
Meaning: (With reference to an organized group) break up or cause to break up.
Example: “The unit was scheduled to disband”
Synonyms: Break up, Disperse.
Interim
Meaning: In or for the intervening period; provisional.
Example: “An interim arrangement”
Synonyms: Provisional, Temporary.
Coalition
Meaning: A temporary alliance for combined action, especially of political parties forming a government.
Example: “A coalition between Liberals and Conservatives”
Synonyms: Alliance, Union.
Impeachment
Meaning: The action of calling into question the integrity or validity of something.
Example: “The prosecutor’s detailed impeachment of the character witness”
Snap
Meaning: Done or taken on the spur of the moment, unexpectedly, or without notice.
Example: “A snap decision”
Rattled
Meaning: Make (someone) nervous, worried, or irritated.
Example: “She turned quickly, rattled by his presence”
Synonyms: Unnerve, Disconcert.
Toned down
Meaning: Altered so as to be less extreme or intense.
Example: “A toned-down version of the report was published”
Jittery
Meaning: Nervous or unable to relax.
Example: “Caffeine makes me jittery”
Assenting
Meaning: Express approval or agreement.
Example: “The Prime Minister assented to the change”
Synonyms: Agree to, Accept.
Portfolio
Meaning: The particular job or area of responsibility that a member of a government has.
Example: “One of the most significant changes is in the trade portfolio”
Scenario
Meaning: A postulated sequence or development of events.
Example: “A possible scenario is that he was attacked after opening the front door”
Synonyms: Sequence of events, Course of events.
Disenchantment
Meaning: A feeling of disappointment about someone or something you previously respected or admired; disillusionment.
Example: “Their growing disenchantment with the leadership”
Synonyms: Disillusionment, Disappointment.
Striking
Meaning: Attracting attention by reason of being unusual, extreme, or prominent.
Example: “The murder bore a striking similarity to an earlier shooting”
Synonyms: Noticeable, Obvious.
Austerity
Meaning: Difficult economic conditions created by government measures to reduce public expenditure.
Example: “The country was subjected to acute economic austerity”
Anxieties
Meaning: A feeling of worry, nervousness, or unease about something with an uncertain outcome.
Example: “He felt a surge of anxiety”
Synonyms: Worry, Concern.
Integrity
Meaning: The quality of being honest and having strong moral principles.
Example: “A gentleman of complete integrity”
Synonyms: Honesty, Uprightness.
