ITALIAN ELECTIONS : BRUSSELS TO BLAME?

The Italian electoral stalemate, whereby no party has won a majority in the country's Senate or Upper House, has rocked European stock markets and left EU leaders concerned over governmental instability and delays in the reforms undertaken by outgoing Prime Minister Mario Monti. Some commentators even describe voter support for "populist" candidates as a rebellion against the European Union.

Commission spokesman Olivier Bailly emphasised that the "message of concern from Italian citizens" had been heard, but reminded the future Italian government that action taken in the last few months was in line with Italy's commitments towards other member states, and that the Commission is still waiting for these to be honoured. The Commission is also trying to defend its image by saying that the EU only asks for efforts to be made: it also guarantees the stability of the banking system, and has released Structural Funds for Italy.

The Socialists are taking the opportunity to highlight arguments in favour of moderating austerity. Like French Industry Minister Arnaud Montebourg, the Socialists see the Italian elections as proof that the Italian people "do not agree with policy being imposed by the markets". The President of the European Parliament, Martin Schulz, says that the Italian people have demonstrated their discontent over a policy of unilateral cuts. "We need to combine budgetary discipline with a strategic policy of investment in growth and the fight...