On December 4th, Italians will vote in a referendum on constitutional reforms. Despite widespread fears, Italy’s political and economic stability is unlikely to be jeopardised even if voters reject the reforms.
In Italy’s December 4 referendum, voters will approve or reject the country’s most extensive constitutional reforms since the monarchy was abolished at the end of World War II. But the vote also amounts to a broader choice about continued eurozone membership – a decision made more urgent by accelerating capital flight.
The Eurozone Crisis has taken a significant toll – both economic and political – on EU member states as well as the Union as a whole. This column identifies three elements that are key to a working solution for continued union: overcoming the intergovernmental method that has dominated EU decision‑making since the crisis, avoiding the seemingly easy route of blaming all evils on ‘Brussels’, and a more unified external representation in global economic governance.