In the end, Berlusconi’s government collapsed, not because of parliament’s lack of confidence, but because it was under attack from global speculation. The final factor to tarnish Italy’s reputation has to be addressed, as well as the explosive economic crisis and the compulsory supervision of economic policies by the Economic and Monetary Union (EMU), the European Central Bank (ECB) and the International Monetary Fund (IMF). Ahead of the stock market crash, the spread between Italian and German benchmark 10-year government bonds increasing to record levels and the specter of a Greek-style default, Mario Monti was appointed as the most authoritative person, who, with his technocratic government, can lead the country back to normality. But the path is definitely uphill with a lot of unknown bends.

The Monti effect has already generated positive reactions. However, the general debt crisis is too complex and deep to think that Silvio Berlusconi’s resignation and the passing of the baton will be sufficient and decisive in solving the problems in Italy and Europe. The painful worsening of the crisis in Italy, the world’s seventh-largest economy, could push all advanced economies towards a new recession and thus undermine the survival of the whole of the EMU. Nevertheless, this emergency situation offers an important and providential window of opportunity to do what must be done in Italy and in Europe as well. It is time to test the existence of real political maturity and of a continental leadership that has so far failed to pass any crucial test.

The euro, once perceived as the main instrument for the unification of Europe, has over the past few years turned into a source of European speculation. As one of the founding members of the European project, Italy has passed from being one of the most important economies inside the EU to one of the worst. In the end, the euro proved only to work in Germany’s favor; it is not by chance that Berlin has not been forced to create any funds to save states in trouble, but nevertheless strongly pushed Italy to contain its public debt. Since the very beginning, the circulation of the euro, as a single, common currency, has coincided with an important maneuver based on technocratic decisions aimed at transferring power, making the powerful even stronger and further undermining the weak. In other words, transferring so much power to a few hands was the main structural mistake in building common economic politics. The euro was perceived by all member countries as both the starting point and the end of all their political efforts.

While moving from a position of advantage to a state where banks are subjected to speculative attacks, Italy now has the responsibility of saving itself and in so doing avoid bankrupting the EMU. The first must is obviously to establish a presence suitable to its role inside the EU, which goes beyond its presence in the eurozone. Furthermore, the Italian problem stresses the need for a general reconsideration of the entire European institutional system. This means, however, that first, European choices are important for the success of Italian reforms, and second, an erratic management of European sovereign debt along with the genetic separation between political and market dynamics could damage the future of Europe.

Without any doubt, the European Union has been affected by a huge democratic deficit strictly related to common market logic. In the face of this situation, the main question arising is whether an EU like this can function or not. If there is any functioning market without any functioning political system, all efforts could be invested in proposing new assets for an efficient political leadership able to speak with one voice both inside and outside of the eurozone. The Greek drift and the reform of economic governance in the eurozone are the main critical issues on the table in Brussels. Spreads are still increasing, particularly in Spain and France, showing a kind of sickness that is getting worse rather than better. It is now clear that, for its own well-being, Europe needs to combine democracy with the rules of the market. After almost half a century of common history, it is high time that the ability to turn a difficult time into a real opportunity to grow and hope is demonstrated.

Nowadays, Mr. Monti is considered to be a lifeboat for Italy and Europe as well, but he will only give a good impression if he raises the necessity of a Europe capable of functioning both democratically and economically. This new Italy has been called on to do everything possible not to have a catastrophe and to stand as an important factor of political innovation both inside its borders and within the EU. Strong awareness that good politics is done by leaders with strong visions, ready to pursue national interests along with international responsibilities, is the basic ingredient to enrich the common spirit and raison d’être of Europe.

And like all traditional Italian comedies, the wish is that there will be a happy ending.

*Valeria Giannotta is a lecturer at Ankara’s Yıldırım Beyazıt University and a visiting scholar at the Center for European Studies (CES) at Middle East Technical University (ODTÜ), also in Ankara.