Giorgia Meloni, could become prime minister of Italy?
In the Italian election held on Sunday, Giorgia Meloni easily defeated her rivals, establishing herself as the nation’s first female prime minister and leading the most right-wing administration since World War. According to claims by RAI, the state broadcaster, her alliance, which also included Matteo Salvini’s League and Silvio Berlusconi’s Forza Italia, received roughly 43% of the vote. That would give the group at least 114 seats in the Senate, where a majority of 104 votes is needed.
After leading the opposition to Mario Draghi’s technocratic rule, which stabilized the nation over the previous 18 months following the horror of the pandemic, Meloni rose to prominence in politics. The charming 45-year-old, however, has little experience in leadership, and she would assume government at a dangerous time for her nation. During Asian trading hours, traders ignored the outcome as they concentrated on the falling value of the pound. Sterling experienced its largest intraday slump versus the euro since the days following the 2016 Brexit referendum, falling as much as 3.7%.
The energy shortages brought on by Russia’s invasion of Ukraine will fuel runaway inflation and threaten GDP, putting the next Italian administration in the middle of a number of overlapping problems. The yield on Italy’s 10-year bonds has increased from less than 1% in December to more than 4.3% as a result of the blow to Italy’s budget and the possibility of future interest rate increases from the European Central Bank.
This is just a beginning point, Meloni stated. And we’ll have to prove our worth tomorrow. President Sergio Mattarella will speak with party leaders following the announcement of the final results before virtually definitely appointing Giorgia Meloni to form the new cabinet. Still, the process can take a week. On October 13, the newly constituted, 200 senatorial and 400 lower house legislators will convene for the first time.
Meloni began her political career in the 1990s as a far-right activist, and her campaigning is now characterized by vehement criticism of the European Union, immigrants, and LGBTQ communities. She has, however, also made an effort to reassure voters and investors by promising to bring Italy’s enormous debt under control and to defend Ukraine and its allies without hesitation.
Giorgia Meloni, a leader of Italy’s far-right, may become the country’s first female prime minister
Giorgia Meloni is likely to have a significant influence in politics as she attempts to roll back some of the policies Draghi had implemented in an effort to spur growth. A spending plan for roughly 200 billion euros ($198 billion) in pandemic recovery funding from the European Union could be jeopardized if considerable adjustments are sought.
About 66 billion euros have been spent by Draghi to assist individuals and businesses, but he has resisted political pressure to increase the budget deficit. That might be one of the first problems a Meloni government needs to deal with. The right-wing alliance has also rejected updating the antiquated tax code and opening up the market, two crucial measures Draghi promised to make in order to be eligible for the EU money.
Giorgia Meloni’s primary rival in the race, Enrico Letta’s Democratic Party, finished in second with 19% of the vote and will now head the opposition. A significant force in the opposition is likely to be Giuseppe Conte’s anti-establishment Five Star Movement, which saw a late surge to approximately 16% of the vote.
Meloni will be closely monitoring her coalition partner Salvini as she prepares to perhaps take office around the end of next month. Salvini’s party underperformed with about 9% of the vote. Salvini believed he would succeed Matteo Renzi as Italy’s prime minister in 2019 when his party topped the polls with 34%, and he has only recently come to terms with the fact that he will now have to serve as the Brothers of Italy’s deputy.