Yesterday, our Memorial Day, the Italian President, Mr. Maratrella, threw a curve ball into the political landscape not just in Italy but in all of Europe. The first bit of fallout was the drop in the Euro to 116 dollars/E. Italian banks stocks went down as much as 2.2% on the news that the president rejected the parties' choice for economic minister, choosing instead a veteran economist who more closely favors the President's view that a closer bond with the EU is necessary for Italy's future growth. This decision could be rejected by Parliament which would trigger another election in the fall. An inability to form a coalition government will keep Italian citizens in turmoil for most of the rest of 2018. This alone will slow growth.
Leaders of the two largest coalition parties: the League and the 5 Star Movement called the move anti-Italian and attached the hated label of fascism to the move. The inability of parties to resolve differences continues to disrupt business in the country, north and south. Mr. Martarella will have to go back to the negotiating table in another attempt to deal with these two idiots: Mr. Salvini and Mr. DiMaio.
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