Italy plunged back into political crisis as president faces calls for impeachment

Shortly after Mattarella’s move, the president’s office reportedly contacted the International Monetary Fund’s (IMF) former director of fiscal affairs, Carlo Cottarelli. The call will be widely thought to be an initial step in offering the former official a mandate to create a technocratic government.

At midday London time Monday, Reuters reported which the president had officially appointed Cottarelli as interim prime minister. Cottarelli then addressed the media, saying he might put together a government “very quickly” to accompany the country to fresh elections, to be held from the fall or early next year.

Wolfango Piccoli, co-president of risk consultancy Teneo Intelligence, argued the apparent opposition to a so-called neutral government might mean which will be likely to fail to win enough support via any subsequent confidence vote.

“This specific means which Italy will be left with no effective government backed by a clear political majority in parliament until the end of the year. In short, 2018 will be a largely a wasted year, with no ability to deliver any meaningful policy while the end of QE (quantitative easing) will be approaching,” Piccoli said in a research note published Sunday.

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