The Italian election campaign has so far been vocal, mostly focusing on non-economic issues such as the migrants, public order and the morality of candidates, according to Paolo Pizzoli, Senior Economist at ING.
Key Quotes
“Interestingly, so far the theme of Europe has notably been almost absent from campaign discussions. The Five Star Movement, which for long had been indicating an (undoable) referendum on ITexit as its first move if in power backtracked on the issue, claiming that necessary amendments to the European governance will have to be made “from within”. Forza Italia, which had been flagging the idea of the adoption of a parallel currency, apparently shelved it.”
“Lega Nord, probably the most eurosceptic party on the political scene, turned quiet on European themes after finalising the formation of a centre-right coalition.”
“Programmes or untenable promises?
- The common feature of programmes published by the three main contenders was the announcement of lower taxes. If the centre-left follows a line of continuity with the current government's action, maintaining tax progressivity as its core, the centre-right points instead to a sharp twist towards a flat tax system. The M5S, on its own, is less specific, preannouncing lower personal and business taxes. As these promises are accompanied in many cases by commitments to increase minimum pension outlays, more public investments and other spending promises, one could wonder where the funding would come from.
- The contrast with very ambitious projected declines in debt/GDP ratios is quite striking. Here, the programmes are vague enough to evaluate how difficult it will be to fulfil electoral promises.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
Recommended content
Editors’ Picks

AUD/USD keeps the gradual recovery in place
AUD/USD regained balance and returned to the area beyond the 0.6500 barrier on Thursday, leaving behind the recent pullback. The pair’s rebound came on the back of the strong selling pressure in the US Dollar amid poor data, bets for further Fed rate cuts and trade uncertainty.

EUR/USD rallies hard as PPI print disappoints, tariffs fuel risk-off
EUR/USD advances for the second consecutive day, posting gains of over 0.70% and trades below the three-year high of 1.1631 hit earlier, as traders digest the latest Producer Price Index report in the United States, alongside jobs data.

Gold consolidates its gains near $3,380
Gold maintains its weekly rebound well in place, now trading in the sub-$3,400 region per troy ounce in response to the persistent selling bias in the US Dollar, declining US yields across the curve and growing geopolitical tensions.

Circle plunges nearly 10% as XRP Ledger integrates USDC, EVM sidechain to launch in Q2
Stablecoin issuer Circle saw a 9.1% decline on Thursday after it revealed that it has integrated USDC on the XRP Ledger, making it available for businesses and users on the remittance-based token's blockchain.

US tariffs here to stay, trade deals ‘largely symbolic’
Despite legal challenges to IEEPA tariffs, US trade policy remains firm. Tariffs on steel and aluminium have doubled, and new sectoral tariffs are expected. Trade deals may emerge, but most will be symbolic. Effective tariff rates will stay high throughout 2025.