While markets were expecting an announcement today as to who Italy’s president, Mattarella, will appoint as premier to form a government, (Sergio Mattarella Giuseppe Conte has been summoned for consultations today to see if the law professor tapped by the eurosceptic 5-Star Movement and League as their candidate for premier has what it takes to try to form a government), Italy’s next economy minister was the one for investors to watch.
While, the anti-establishment 5-Star Movement and right-wing League have proposed little-known academic Giuseppe Conte to be prime minister of their radical government, the person to steer Italy’s finances matters more for the indebted country’s future.
An Italian journalist, Giuliano Molossi, the editor of the newspaper Il Giorno, has settled some nerves here. Senior League member Giancarlo Giorgetti, a former head of the budget committee of the lower house of parliament, as a more moderate choice, has been potentially chosen for Italy’s most important cabinet post – very “reliable sources” have been sighted by Italian journalist Enrico Mentana as saying so. However some are saying Savona will be the economy minister and Giorgetti will go to infrastructure – so take as a pinch of salt. Either way, whoever it is, the new minister’s attitude towards the euro will go a long way towards determining investors’ faith in Italy.