LONDON – Italy currently enjoys a “window of stability”, according to the president of the European House Forum Ambrosetti, despite the current risk of a political crisis in the country.
Speaking to CNBC on the sidelines of the forum Thursday, Valerio De Molli said Italy was unlikely to face an economic or banking crisis in the near future.
However, he added: “The political crisis in Italy is still around the corner, so I can’t bet my whole family on that one, but, you know, we have a window of stability for institutional political stability.”
Italy has experienced several different government structures in recent years, but the political scene has materialized since Mario Draghi was appointed prime minister in February. The former head of the European Central Bank has managed to garner support from the political spectrum of left and right and is a popular figure among voters.
However, this stability may not last long.
“We shouldn’t have a political crisis in the next six to nine months, so we have to elect the president of the republic,” de Moly said.
Draghi’s name comes up often as a possible replacement for outgoing president Sergio Mattarella next year. However, if he were to become president, that would leave a huge executive vacuum.
De Moly said he believes Draghi at the top of the government, in charge of day-to-day operations, is the best for Italy.
“Frankly, what Draghi is doing is the right thing for the country,” De Molly told CNBC’s Steve Sedgwick. “He’s not a pro on the left or the right, he’s doing what he should be doing.”
Draghi is not only pursuing a reform agenda, but is also overseeing large investments in the country and its COVID vaccination efforts.
On Thursday, Draghi again urged Italians to get vaccinated against Covid-19 because he wants 80% of the country’s population to be vaccinated by the end of September. According to Our World in Data, 70% of Italians have received at least one dose and 61% have been fully immunized. The nation has been hardest hit by the pandemic.