The Italian elections recently took place on Sunday and the results have so far revealed that the Five Star Coalition is currently leading and this is a huge blow to the European Union because the political party is Anti-EU.
The latest results suggest that the Five Star Movement is currently the largest party in the elections which might reportedly change the course of European history. Majority of the votes in the exit elections were in support of the anti-EU candidates and this presents a huge challenge to the EU. It had previously been believed that the Italians would majorly not support the country’s exit from the EU. However, the results of the elections suggest otherwise since they have been in support of populists parties that have demonstrated their open-mindedness about an exit from the EU.
The Five Star Movement party was founded by a comedian less than 10 years ago after he won almost 32 percent of the vote. The other big winner in the elections is the League which is also skeptic about Europe and is also an anti-immigrant party. The two parties even performed better than the Forza Italia party which happens to be the party that Prime Minister Silvio Berlusconi belongs to.
“Whatever the outcome, I am confident that we will have a government that makes sure that Italy remains a central player in Europe and in shaping its future,” stated Jean-Claude Juncker, the President of the European Commission.
From the looks of things, the people of Italy have clearly sent a message based on the results of the vote. It means that the European Commission might have a hard time trying to sway Italy’s decision. Italy’s immigrant situation has been in the news for quite some time now and the country’s citizens have previously expressed their displeasure. The results of the elections might largely reflect the feelings of the citizens and their determination to change the situation. The interesting outcome of the elections also highlights the changing nature of politics in Italy and the rest of Europe at large. It has also raised questions as to whether Italy will adopt authoritarian populism like France.
The anti-EU issue and anti-immigrant issues are currently the focal point of the recent elections in Italy, meaning policies will have to take the back seat. Italian nationals have been protesting especially about the immigrant issue and have even been pushing for mass deportations. They claim that it is one of the issues that have been negatively affecting the country’s economy.
U.S President Donald Trump’s former advisor Stephen K. Bannon recently stated in a New York Times Interview that he is in support of Italy’s current political agenda. In his statement, he pointed out that the Italians have within a short period of time, made more progress than the British did with Brexit.
The current situation in Italy has also raised concerns that the political instability might make things even worse. The country is currently dealing with economic problems such as high levels of unemployment especially among the youth and it also happens to be the EU country with the largest debt levels. However, it seems that the country’s citizens are prioritizing issues such as immigration and exiting the EU as the first steps towards adopting changes that will improve the situation.
The impact of the elections is expected to be felt in numerous industries and markets including the financial markets. However, ActivTrades chief analyst Carlo Alberto De Casa stated in a recent interview that the financial markets might not react as dramatically as a result of the German ballot. The Italian vote may have weakened the Euro against the Dollar but it has been recovering following news from Germany.
Intro: Italy’s elections have attracted a lot of media following reports that they might lead to the country’s exit from the European Union.