, Columnist
Italy Is Europe's Next Big Problem
After France votes, watch out for the storm that's brewing across the Alps.
About that promise to quit politics.
Photographer: EMMANUEL DUNAND/AFP/Getty ImagesThis article is for subscribers only.
Emmanuel Macron looks on course to become France's new president, ending the threat of a euroskeptic at the Elysee. Even if Macron wins, though, it'll be too soon to celebrate a new phase of stability in the euro zone. Across the Alps, an economic and political storm is brewing -- and there's no sign anyone can stop it.
Italy's economic problems are in many ways worse than France's. Public debt stands at nearly 133 percent of gross domestic product; in France, it's 96 percent. The last time Italy grew faster than France was in 1995. Both countries have struggled to stay competitive internationally -- but French productivity has risen by roughly 15 percent since 2001, whereas Italy's has stagnated.