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Italy’s Populism and Dysfunctional Government Have Global Implications

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Francesco Ammendola

Italy’s premier-designate Carlo Cottarelli addresses the media at the Quirinale presidential palace in Rome, Thursday, May 31, 2018. Cottarelli, a former IMF official tapped to lead Italy’s government until a new election could be held has stepped aside, paving the way for a political government of populists. (Francesco Ammendola/Italian Presidency via AP)

Francesco Ammendola/AP

The leaders of Italy’s two main right-wing populist parties, The 5-Star Movement and The League, met today to salvage a coalition cabinet and avoid snap elections. Italy’s President turned down the nomination of Paolo Savona as economy minister, citing his Eurosceptic and anti-globalist views. Italy is the third-largest economy in the Eurozone, which means Italy’s economic fate is tied up in one-fifth of the world’s bank accounts. Global markets reacted poorly to Italy’s political crisis earlier in the week, but appear to be assured by an alternative nomination for economy minister. To discuss, we’re joined by Luigi Zingales, a professor of entrepreneurship and finance and director of the Stigler Center at the University of Chicago.

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