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A lot of unease about austerity politics but ultimately an endorsement of it
Dialogue with the Alter Ego on the Regional Elections in Italy, first drafted on June 1,
published on June 3, 2015

Question by Alter Ego of Noah denkt™ (AE): On May 31, Italy held regional elections in seven provinces.
(Veneto, Liguria, Toscana, Umbria, Marche, Puglia, and Campania). These elections were being viewed as an
important test for the center-left government of
Matteo Renzi which loosely and broadly follows the much reviled
austerity politics of Euroland.
Preliminary results indicated that Renzi’s Partito Democratico came out as the
strongest party in those elections with 25% of the vote, followed by Beppe Grillo’s 5 Star Movement at 18,4 %,
the Lega Nord at 12,5%  and Fuerza Italia at 10,7%.  Supposedly Noah denkt™ will argue that the Italian result
is in line with that of
the parliamentary elections in the UK and the regional elections in Spain where voters
expressed their frustration over austerity politics but ultimately endorsed the latter for want of a better

Answer by Noah denkt™ (Nd): Correct.

AE: And you are not prepared to concede that
Mario Draghi’s Quantitative Easing may have more to do with the
Renzi victory than austerity politics in and out of itself?

Nd: Clearly the loose monetary policy of the European Central Bank has helped Mr. Renzi a great deal. But if
his success in yesterday’s vote were all due to the ECB than Mr. Cameron would probably not have won his
national elections a few weeks earlier.

AE: Clearly, there are very important differences between British and Italian voters not the least of them being
their exposure to protestant and Anglican traditions. And certainly, the British economy also benefits from the
ECB’s money injection.

Nd: The British economy already started to recover before Mr. Draghi surrendered to his deflation angst. So the
ECB hypothesis may not be very relevant here. And if Cameron’s win were due to the Anglican and protestant
heritage of the UK, than Mariano Rajoy’s PP might have lost even more votes than it did when it nevertheless
came out as the most voted party in Spain’s recent regional elections. In other words, we believe that our theory
has been confirmed in Italy too according to which voters show their pain over austerity but ultimately endorse it.

AE: Obviously we’ll know after the Spanish national elections in December 2015 if your interpretation is correct.
Let’s therefore wait until then.

Nd: Alright. Let's do that.
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Regional elections in Italy 2015, regional elections in Italy endorse austerity politics, Matteo Renzi's PD wins
Regional elections in Italy, Voters endorse Matteo Renzi's political reforms, voters' protest against austerity,
voters' unease over austerity politics, austerity and democratic elections