GO, SILVIO. Go. “At once, good-night: Stand not upon the order of your going, But go at once,” to quote Lady Macbeth. Italy’s crooning, billionaire prime minister, one of the world’s great political escapologists, has been singing bum notes for too long. He is due to depart on Tuesday, to be replaced by a “technocratic” government, if the deal he has agreed with President Giorgio Napolitano stands. Not a day too soon.
For the international markets and his international partners Berlusconi has become the personification of the Italian crisis and the widely held perception of a political system unable to reform. For years blind eyes have been turned to his willingness – almost shameless – to blur the lines between his business, specifically media, and political interests and to his “bunga bunga” social life. The prime minister, whose personal wealth while in office multiplied sevenfold, has survived only by keeping one step ahead of innumerable prosecutors. Italian voters seemed willing, perhaps like the late Charles Haughey’s constituents, to give the rogue the most extraordinary leeway – a nudge nudge, wink wink, “ah sure he’s a grand fella” attitude that allowed this country to drift on to the rocks, and has done the same for Italy.
The likely appointment of former EU commissioner Mario Monti to head a technocratic government will, however, be an important first step in restoring confidence. He has a strong reputation as a no-nonsense economist, and a straightforward and tough negotiator.
The broad consensus that Italy does not need an immediate election is welcome – it will happen, all being well, in 2013 – but Monti will have an uphill struggle from day one in securing and maintaining a working parliamentary majority out of Berlusconi’s split party and of the biggest opposition force, the centre-left Democratic Party. Already both the far-right Northern League under Umberto Bossi, the opposition Italy of Values, led by former anti-corruption magistrate Antonio Di Pietro, and the far left, have made clear they will oppose the new government.
Monti's challenge will be urgently to push through a package of what will be painful austerity measures, including changes to the pension system that are deeply unpopular, as well as radical economic reform. But only speedy and decisive action can halt the slide that has forced the country's EU partners to contemplate the horror of a bailout. Last night, however, encouraged by the prospect of a new, resolute government Italian bonds rose – a farewell salute to Il Cavaliere.