Italy votes for new president in a race that could spark political upheaval

A secret ballot to elect Italy’s next president begins on Monday — with Prime Minister Mario Draghi among the favorites to take up the seven-year post at the presidential palace.

The vote comes ahead of what’s likely to be an intense and contentious period of reforms in Italy, however, and a number of lawmakers want Draghi to remain in the premiership to oversee the structural changes necessary to unlock much-needed EU funds.

If Draghi does become president, however, someone has to fill his prime ministerial shoes, leading to a possible snap election if the current coalition falls apart before 2023, when parliamentary elections are due in any case.

Veteran politician and business magnate Silvio Berlusconi dropped out of the presidential race at the weekend, with the four-times former prime minister telling supporters to “give up” viewing him as a contender.

The 85-year-old had been trying to convince lawmakers to throw their support behind his bid to replace current President Sergio Mattarella, but the country’s center-left bloc opposed his appointment, saying he was not impartial enough to take on the largely ceremonial, but symbolically important, role.

More than 1,000 Italian lawmakers and regional representatives will begin casting their votes for a new president on Monday, in a complex and mysterious process that’s likely to include several rounds of voting.

A candidate has to receive a majority to win. In the first three rounds of voting, a two-thirds majority is required to win; from the fourth round, a simple majority of 505 votes will suffice.

It’s rare for a president to be elected in the first rounds given the required two-thirds majority. As such, the process is expected to last a few days, with a winner likely to be announced before the end of the week.

The race is currently wide open, with competing political factions supporting and opposing the main contenders, including Draghi.

While he is seen to be a favorite, the lawmakers and representatives can nominate anyone (well, almost anyone — the candidate has to registered to vote, over 50 years old and not barred from holding public office) for the role, and it’s by no means certain that he will be elected.

Many lawmakers have said they would prefer Draghi to remain as premier given his track record in office; Draghi is the former head of the European Central Bank and his leadership has steadied Italy’s political establishment, which is notorious for its instability and frequently-changing government. It has also given investors confidence in the country’s debt-laden economy.

Article source: https://www.cnbc.com/2022/01/24/italy-presidential-vote-begins-political-upheaval-ahead-with-reforms.html