Only one thing is clear after the Italian election. The comfortable assumption, which until now has been held by the policy elite in the eurozone, and mostly in the financial markets, that in the end “sensible” democracies will always support conventional economic policies has been shattered. Whichever way one dissects the electoral arithmetic, Italian voters have turned their backs on the respectable Europeanism of Mario Monti, and have handed power and responsibility to Beppe Grillo‘s Five Star Movement, whose entire platform denies that either concept should apply to them. A disparate group of unpredictable oppositionists now holds the balance of power in the Italian Senate.
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