So confident was the Italian prime minister of victory that he staked his own job on the outcome. Having finally lost a bet he was sure he would win, he has become the latest establishment figure forced to acknowledge the extent of the disconnect between himself and his electorate. In this country David Cameron has already paid a similar price, but there at least the comparison ends. For while the UK has decided on Brexit and will, however tortuously, leave the straitjacket of the European Union, there is no escape in sight for Italy, or indeed for those 19 members of the eurozone who now find the common currency to be nothing short of an economic ball and chain.
There are two important conclusions to draw from this. The first is that, as William Hague points out on the opposite page, Europe is locked into a highly toxic political confrontation between voters who now realise the destructiveness of the currency union to which they have been shackled, and the impotence of their political class to do anything about it. Indeed, many voters embody this contradiction – rightly understanding the economic devastation that the euro has wrought on their economies, but determined to avoid the inevitable collapse in the value of their own assets should there somehow be a way of reverting to a weaker, national currency. Full story...
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There are two important conclusions to draw from this. The first is that, as William Hague points out on the opposite page, Europe is locked into a highly toxic political confrontation between voters who now realise the destructiveness of the currency union to which they have been shackled, and the impotence of their political class to do anything about it. Indeed, many voters embody this contradiction – rightly understanding the economic devastation that the euro has wrought on their economies, but determined to avoid the inevitable collapse in the value of their own assets should there somehow be a way of reverting to a weaker, national currency. Full story...
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