Italy, it is sometimes said, is “stable in its instability”. There is some truth to this. The country is currently on its 67th government in 73 years. On many occasions over the past decade it has seemed that this chronic political instability might overwhelm it. Italy has had to contend with a deep double-dip recession that left GDP per capita 20 per cent below where it was 20 years ago, a banking crisis, high unemployment and ballooning public debt. At the 2018 general election the success of two populist parties, Five Star and the League, raised fears of a showdown with Brussels over the budget, a sovereign debt crisis and even euro exit. Yet Italy today remains firmly ensconced in the eurozone.
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