No one can blame Mario Draghi for one thing – he was no worse than all of his predecessors when it comes to Italy’s prime ministership. 18 months at the helm of government is longer than the average time spent in this position by the leaders of 67 Italian governments since the end of World War II.

Draghi had no political reasons to leave

Italy is used to government crises and constant changes of power. To outside observers, this, of course, does not make the country stable, but it looks interesting from a political point of view. Internally, voters are enjoying a spectacle that mixes admiration and condemnation. This resignation, like many previous ones, is like a soap opera all over again: drama, envy, jealousy.

There was a little bit of all that this time around, but what there wasn’t was a real political reason. It was the neurotic fear of being underestimated and the desire to stand out, characteristic of the left-wing populist Giuseppe Conte of the Five Star Movement, which torpedoed the “national unity” grand coalition in power.

Now the right-wing populists are rubbing their hands together, because in the event of early elections they have a chance to name their own prime minister – George Milone. The radical right-wing “Brothers of Italy” party led by her leads in the polls. It is still unclear whether Milone will create a right-wing coalition with Silvio Berlusconi and Matteo Salvini, and whether this government will be more stable than all previous ones. But perhaps the Social Democrats, now represented by two parties, will manage to form a “left” majority as a result of the electoral race.

The non-partisan Mario Draghi, who, after the collapse of the leftist populist government led by the 5 Star Movement, headed the “national unity” government as a technocrat, actually did everything right. He pulled Italy out of the crisis associated with the coronavirus pandemic. He has guaranteed the highly indebted country unprecedented EU subsidies and loans to restore the economy. Under him, Italy gained more weight in the EU than under its Eurosceptic predecessors. As the former head of the ECB, he has the necessary economic experience and knowledge, but unfortunately, this has not helped him to avoid a dramatic rise in the rate of inflation.

Draghi’s resignation is bad for both Italy and the EU

The fact that Draghi, obviously tired, leaves is bad for both Italy and the entire EU. During the impending recession, the energy crisis, the monstrous confrontation with Russia, coupled with its war against Ukraine, a strong Italy is much needed. A country that again for months will deal with its petty domestic political problems with a completely divided party system will weaken the EU.

If, finally, decades later, the reforms launched by Draghi are slowed down again, this could have a negative effect on both the economy and society. Markets are already reacting to his dismissal with falling stock prices, pressure on already weakened Italian banks and rising interest rates, including on government bonds.

It will be difficult for the next government, and especially one led by right-wing populists who “understand Putin”, to lead heavily indebted Italy into the turbulent times to come. If Italy fails, the euro will be under pressure and the EU will reel. Italy is too big and too important to fail.

Mario Draghi, at the beginning of his term as prime minister, was seen as the last chance to rebuild Italy. Was this chance lost? In any case, the next parliamentary elections should have been held early next year. And at the latest, the nonpartisan technocrat Draghi should have retired by then. The drama on the political agenda was only delayed for half a year, however, amid numerous crises associated with rising inflation and the aftermath of the war.

Posted by Bernd Riegert, columnist for DW

The commentary expresses the author’s personal opinion. It may not agree with the opinion of Russian editors and Deutsche Welle in general.