Is it really true that a spirit of populism is sweeping the world? The signals are mixed and often hard to read. (Especially because words like “liberal” and “conservative” can mean different things in Europe and the rest of the world than they do in the U.S.)
So for instance, Austria’s “far right” party was soundly defeated in last week’s election, perhaps a signal that so-called “populism” isn’t a universally winning stance.
Meanwhile, in Italy, the Prime Minister promised resign if a referendum on constitutional reform was defeated at the polls. Unfortunately for him, the vote did not go as he expected. This development is indeed a “blow to the European Union,” and while not quite the game-changer that Brexit was in the UK, it is still bad news for the globalists:
Renzi’s resignation could open the door to early elections next year and to the possibility of an anti-euro party, the opposition 5-Star Movement, gaining power in the heart of the single currency. 5-Star campaigned hard for a ‘No’ vote. (…)
Opinion polls show Renzi’s Democratic Party (PD) is neck-and-neck with the 5-Star, which has called for a referendum on Italy’s membership of the euro currency. (…)
The 5-Star Movement has claimed the anti-establishment banner, tapping into a populist mood that saw Britons vote to leave the European Union and Americans elect Donald Trump president.
While what happens in Italy is important to Europe, the most powerful nation on that continent is Germany. Whether or not pro-EU, pro-migrant Angela Merkel can stay in power — that is the race to watch.
Source: Huffington Post