Italy’s pro-euro elites have overreached disastrously
President Sergio Mattarella has asserted the extraordinary precedent that no political movement or constellation of parties can ever take power if they challenge the orthodoxy of monetary union.
In one sense, this veto should have been expected. The Berlusconi government was toppled in 2011 by Brussels and the European Central Bank.
Whistleblowers have since revealed that they manipulated bond spreads to exert maximum pressure. The EU even tried to recruit Washington.
The US refused to help. “We can’t have blood on our hands,” said the US Treasury Secretary, Tim Geithner.
What is new is that euro sanctity should be formalized as an Italian constitutional imperative.
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