World News: Italy’s Far Right Leadership Surprises . . . Again

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Category: World News - Europe

Published on Monday, 14 July 2025 12:12

Written by Olivier Longhi

Italian Prime Minister Georgia Meloni rule over Italy, long perceived as an unstable and clumsily managed country, surprises many observers who are not very attentive to the anti-democratic excesses of a government with authoritarian tendencies. Analysis.

What if Italy, for a long time the sick child of the European Union, due in particular to an abysmal public debt, was on the way to becoming the model to follow? For investors, the question does not arise as the results of the transalpine economy are noticed and encourage optimism.

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For example, and without falling into abstruse economic-financial debates, the rate on Italian government bonds is close to the rates on French government bonds (editor's note: the spread between the ten-year rates has fallen to only 20 basis points, or 0.2%).

It doesn't take much for the financial world to applaud the Italian Prime Minister, Georgia Meloni, who comes from the ranks of the Italian far right, post-fascist, apparently policed but still imbued with an underlying sectarian authoritarianism.

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Dissolution and European Expansion

Because that's where the problem lies. It seems that financial circles are now more attracted by the stability, at least on the surface, of a regime with authoritarian tendencies, which has been able to tame Brussels by presenting itself as Europhile but without excess, than by the multiple procrastinations and the uncertain consequences of old and established democracies.

The dissolution of the National Assembly by Emmanuel Macron a little over a year ago has cast doubt on the expectations of a country, a founding member of the European Union, the engine of European expansion with Germany, while Georgia Meloni's anti-democratic excesses leave business leaders and investors unmoved. History, which often serves as a reference to shed light on the present, is full of cases where, in order to promote economic activity, and therefore growth, the business community has not hesitated to make a pact with the Devil.

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The most dramatic example in its effects is the collusion between German industrialists and the Nazi Party led by Adolf Hitler at the beginning of the thirties. The then Chancellor had managed to fool his allies to finally reverse the hierarchy and move from the status of dominated to that of dominant. Some will consider the analogy daring, even anachronistic, but it is above all intended to alert us to a political reality that has become unavoidable in Europe today.

Authoritarian regimes seduce not only the people, some  at a minimum, but also investors and the business community, i.e. those who hold economic and financial power. Also, should we see it as a warning signal or an economic evolution as the eponymous sphere regularly undergoes?

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Bio: Olivier Longhi has extensive experience in European history. A seasoned journalist with fifteen years of experience, he is currently a professor of history and geography in the Toulouse region of France. He has held a variety of publishing positions, including Head of Agency and Chief of Publishing. A journalist and recognized blogger, editor, and editorial project manager, he has trained and managed editorial teams, worked as a journalist for various local radio stations, was a press and publishing consultant, and was a communications consultant.