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Opinion
Rachel Sanderson

Meloni Channels Her Inner Truss With Market Gamble

Possible tax cuts, a fractious coalition, and feuds with friends and neighbors are an open invitation for bond vigilantes to take on Rome’s far-right government.

Giorgia Meloni speaking earlier this year on TV when Mario Draghi was prime minister. 

Giorgia Meloni speaking earlier this year on TV when Mario Draghi was prime minister. 

Photographer: Mondadori Portfolio/Mondadori Portfolio Editorial

The era of Mario Draghi as prime minister of Italy has ended, and the era of far-right leader Giorgia Meloni has begun. Investors must hope Italy’s incoming first woman premier sticks to her word and continues Draghi’s pro-Europe, pro-Ukraine, pro-Atlanticist positions — not to mention his market-oriented economic policies.

The first acts of Meloni’s government have drawn a line on the past. The right-wing majority voted Ignazio La Russa, once leader of the Italian neo-fascist youth movement, to be leader of the Senate. The new speaker of the lower chamber, Lorenzo Fontana, a member of the Eurosceptic League, has openly admired Vladimir Putin, adding to his credentials as an ultra-Catholic, anti-abortion, anti-LGBTQ+ spokesman.