Italy’s markets scrambled to work out how worried it should be about a Eurosceptic nationalist with scant experience in business, a taste for statist rhetoric and irresponsible pledges to both lower taxes and raise public pensions. It’s about to find out
Save time by listening to our audio articles as you multitaskThe latest controversial right-winger Italian business must get to know is Giorgia Meloni, a 45-year-old firebrand who ten years ago co-founded the Brothers of Italy party, which traces its origins to Italian neo-fascists.
Although markets did not panic the morning after Ms Meloni’s victory, they betrayed signs of anxiety a day later. The spread between Italian and German ten-year government bonds, an indication of economic risk, widened. Whether they widen further will depend on who gets the finance and economy portfolios, says Zeynep Ozturk-Unlu of Deutsche Bank.
Ms Meloni has a few things going for her. Italian bosses want to like her. Similarly to their counterparts in other countries, business folk tend to favour the right over the left. And like the rest of the Italian electorate, bosses are partial to the latest rising political star. Some of those stars, such as Beppe Grillo of the Five Star movement, flame out fast.
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