Wednesday

25th Jan 2017

Monti groomed to be Italy's new PM

  • Mario Monti is likely to be Italy's new PM (Photo: European Commission)

In a move that is widely considered to lay the groundwork for a transitional government, Italian President Giorgio Napolitano has appointed Mario Monti senator for life.

“Professor Mario Monti has bestowed the fatherland with the highest of merits,” he said in a statement on Wednesday (9 November).

Dear EUobserver reader

Subscribe now for unrestricted access to EUobserver.

Sign up for 30 days' free trial, no obligation. Full subscription only 15 € / month or 150 € / year.

  1. Unlimited access on desktop and mobile
  2. All premium articles, analysis, commentary and investigations
  3. EUobserver archives

EUobserver is the only independent news media covering EU affairs in Brussels and all 28 member states.

♡ We value your support.

If you already have an account click here to login.

The position is largely ceremonial, but does provide Monti with the necessary standing to head a country in peril.

Domestic press are speculating that the nomination is a prelude to being designated leader of a new government.

The move came after Napolitano had unsuccessfully sought to soothe anxious markets after Prime Minister Silvio Berlusconi announced his resignation on Tuesday evening.

Market jitters only increased the following day after a document was leaked in which the European Commission questioned the country’s capacity to meet a balanced budget by 2013.

The yield on Italian bonds shot through the roof on Wednesday, beyond the point at which Greece, Portugal and Ireland had been forced to seek financial aid.

The Standard & Poor’s Index 500 lost 3.7 percent, its worst drop in more than two months. Asian markets are almost five percent in the red.

“There is no doubt that the president of the council, the honourable Silvio Berlusconi, will step down after the approval of the stability law,” Napolitano said in a statement on Wednesday.

The law, which includes the austerity measures demanded by European leaders, he said would be approved “within days”. It is set to pass the Senate on Friday and the lower house at the weekend. A new government could be in place as soon as Monday.

Monti is an economist at Bocconi University in Milan, a Yale University graduate, and former two-time EU commissioner from 1995 to 2004 – responsible for the internal market and competition dossiers over his pair of terms in the EU executive.

News in Brief

  1. VW's internal Dieselgate probe not yet done
  2. Israel defies EU policy with huge settlement expansion
  3. Martin Schulz to be candidate for German chancellor
  4. EU commission gives MEPs Dieselgate paper at last moment
  5. EU parliament committee backs EU-Canada deal
  6. UK MPs must vote on Brexit trigger, court rules
  7. Greek island mayors plead for the transfer of migrants
  8. Tzipi Livni cancels Brussels trip amid war crimes probe

Stakeholders' Highlights

  1. International Partnership for Human RightsKyrgyzstan: no Justice for Human Rights Defender Azimjan Askarov
  2. Dialogue PlatformThe Influence of Turkish Politics in Europe After the Coup Attempt
  3. World VisionEU Urged to do Better Ahead of Helsinki Conference on Syria
  4. Caritas EuropaEU States to Join Pope Francis’s Appeal to Care for Migrant Children
  5. UNICEFNumber of Unaccompanied Children Arriving by sea to Italy Doubles in 2016
  6. Nordic Council of Ministers"Nordic Matters" Help Forge Closer Bonds Between the UK and the Nordic Region
  7. Computers, Privacy & Data ProtectionThe age of Intelligent Machines: join the Conference on 25-27 January 2017
  8. Martens CentreNo Better way to Lift Your Monday Blues Than to Gloss Over our Political Cartoons
  9. Dialogue PlatformThe Gulen Movement: An Islamic Response to Terror as a Global Challenge
  10. European Free AllianceMinority Rights and Autonomy are a European Normality
  11. Swedish EnterprisesHow to Create EU Competitiveness Post-Brexit? Seminar on January 24th
  12. European Jewish CongressSchulz to be Awarded the European Medal for Tolerance for his Stand Against Populism

Latest News

  1. No Turkey-type migrant deal with Libya, says EU commission
  2. EU to Trump: Protectionism is 'doomed to fail'
  3. The French town that swung from socialist to far-right
  4. UK parliament must give Brexit approval, judges rule
  5. 'No indication' VW used EU loans to cheat
  6. Fillon promotes pro-Russia views in Berlin
  7. Dutch PM tells people to 'act normal, or go away'
  8. EU to step up effort against Russian and Islamist propaganda