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Italy's political crisis is 'always next door,' Ambrosetti CEO says

Italy's political crisis is 'always next door,' Ambrosetti CEO says

September 7, 2021: -Italy is enjoying a “window of stability,” according to the head of the European House Ambrosetti Forum, even though the ever-present risk of a political crisis in the country.

On Thursday, speaking to CNBC on the forum’s sidelines, Valerio De Molli said it is unlikely Italy will face an economic or banking crisis shortly.

However, he added: “The political crisis in Italy is always next door, so I cannot bet on all my family on that particular one, but, you know, we have a window of stability, political stability, institutional stability.”

Italy is experiencing many different government formations in the last few years. Still, the political scene has calmed down materially since the appointment of Mario Draghi as prime minister in February. The former European Central Bank chief had got backing from both the left and right political spectrums and is a popular voter figure.

However, this stability might not be forever. “We are not supposed to have any political crisis in the next six to nine months, then we need to have the election of the president of the Republic,” De Molli said.

Draghi’s name comes up as a potential person to replace incumbent President Sergio Mattarella in the coming year. If he became president, however, it would leave a massive gap at the executive power level.

De Molli added that he thinks Draghi is best for Italy at the helm of the government, in charge of the day-to-day tasks.

Draghi is pushing a reformist agenda and overseeing significant investments in the country and its Covid vaccination efforts.

On Thursday, Draghi urged Italians to get their Covid-19 shots as he wants 80% of people in the country vaccinated by the end of September. According to Our World in Data, 70% of Italians have received at least one dose, and 61% are fully vaccinated. The nation was among the worst hit by the pandemic.

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