Tuesday, 26 February 2013

The encouraging result of the Italian election: The failed euro project is one step closer to its final demise

Here is a brief summary of the Italian election:

Italy faced political deadlock on Tuesday after a stunning election that saw the anti-establishment 5-Star Movement of comic Beppe Grillo become the strongest party in the country and left no political group with a clear majority in parliament. The protest vote is also a clear signal of the failure of the EU-German sponsored austerity measures which were implemented by the government of the non-elected technocrat government of Mario Monti.

Most commentators concentrate on the "ungovernability" created by the election result, but the real story is the massive anti-EU vote, showing that Italians are tired of Brussels dictates. The eurozone - and the entire European Union - is burning, but the Brussels bureaucrats continue like nothing would have happened:

"It is up to leading politicians to negotiate to form a government with a stable situation so that reforms and consolidation of the budget can continue. There is no way back, there is no alternative," Mr. Van Rompuy told reporters during a visit to Estonia, saying that holding elections in the midst of a transition was always "a risk."
The European Commission said Mr. Monti's reform and fiscal-consolidation agenda would "underpin everybody's confidence" in the Italian economy, whose growth prospects are at best tepid. The EU's economics affairs chief, Olli Rehn, said Italy should "continue to address the challenges it faces" despite the "complex" outcome.
These people do not understand - or do not want to admit - that all this would not have happened without the failed common currency. The end of the euro is now one step closer. That is the most encouraging result of the Italian election. 

People such as Van Rompuy and Rehn are the real clowns - not Beppe Grillo and his likes - in this sad (and tragic) European circus. 

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