“Incumbent President Mattarella was re-elected as Italy’s head of state with a large majority, settling a political stalemate and enabling a continuation of the current government under prime minister Mario Draghi. This is a positive outcome for Italy and market risk in the short term, and indeed, BTP spreads have tightened somewhat today. Over the medium term, however, Mattarella’s age (81) and the forthcoming parliamentary elections (2023H1) cast a shadow – more than if a younger candidate (incl. Draghi) had been chosen for the post. Put differently, we view Mattarella’s confirmation also as an expression of hope from the parties
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