Can Italy rebound?

I’m in Italy watching the bonfire of Silvio Berlusconi’s vanities first hand. From the ashes, most Italians hope a stronger nation will emerge. And for this reason, faith in former EU Commissioner Mario Monti, who gave his first statement to the nation last night, seems high. Italy is not a nation on its knees, and despite the travails and troubles of the last decade, there is a sense of hope here. People want Italy to succeed and seem willing, for now, to pull together. They also have a foundation upon which to build: brands, low private debt, and a solid banking system. Crucially, President Giorgo Napolitano has also indicated that a Monti administration will have at least until April 2012, and possibly longer, to introduce reforms.

But the political classes are jockeying furiously to preserve their power and patronage. Every day, I’m told, somebody nobbles the PM-in-waiting to suggest this or that person for this or that ministerial office.