The markets have calmed down after last week mainly because the new government has shelved some of its more outlandish economic programmes, like getting the ECB to write off 250 billion euros of debt or indeed sneaking Italy out of the euro. Remember, Italy isn’t just Europe’s fourth largest economy, it is a founding member of the EU. The Treaty of Rome was signed in this city after all. If the Five Star movement poses an economic challenge to Europe, the other partner, the League, poses a more visceral threat to Europe’s embattled values.
A warning: there’s flash photography right from the start of this report.