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Matteo Renzi to become Italy's youngest PM

17 February 2014, 16:41 CET
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Matteo Renzi to become Italy's youngest PM

Matteo Renzi - Photo EC

(ROME) - Italy's Matteo Renzi was nominated to be the European Union's youngest prime minister on Monday and immediately outlined an ambitious reform plan, promising "energy, enthusiasm and commitment" to revitalise the eurozone's third largest economy.

The 39-year-old mayor of Florence said his first priority would be to tackle relentless unemployment levels and pitiful economic growth, promising Italians he would do everything possible to alleviate "despair".

The head of the leftist Democratic Party (PD) has raised hopes in a country thirsting for change after ousting ex-premier Enrico Letta -- a member of his own party whom he accused of failing to live up to reform pledges.

Renzi said he would begin formal coalition talks on Tuesday and predicted they would take "a few days" as he negotiates to form a stable government that can survive until the next scheduled elections in 2018.

"We will take the time we need, with the knowledge that there is a sense of urgency out there and this is an extremely delicate and important time," he said after being given the mandate by President Giorgio Napolitano.

- 'Emergency of despair' -

"The most pressing emergency, which concerns my generation and others, is the emergency of labour, of unemployment and of despair," he added.

In the first test of his political prowess, the fresh-faced former Boy Scout will face a tough challenge in securing support, before a decisive confidence vote in parliament later this week.

The previous coalition of the PD, centrists and the New Centre-Right party is expected to remain intact -- despite fears that fresh efforts to pull Italy out of its most serious post-war economic slump risk being thwarted by the same bickering coalition which plagued Letta's government.

Renzi vowed that if he succeeds, he will implement much-needed political and electoral reforms by the end of this month and overhaul the job market, education and the tax system in his first few months in power.

Travelling back to Florence after his nomination -- where he is expected to wind up his duties as mayor -- a jubilant Renzi tweeted his enthusiasm for the upcoming challenge, with the hashtag "lavoltabuona" ("This is it").

The web-savvy Renzi -- who would be Italy's youngest-ever prime minister -- has no previous experience in national government or parliament and is seen by many as having the right outsider credentials for the job.

"Renzi brings energy, determination to reform Italy, and communication skills to Rome - as well as a democratic and popular mandate to reform," said chief Unicredit economist Erik Nielsen.

"I would not at all be surprised if some of his policy ideas might be somewhat 'outside the box'. That said, I remain confident that the balance of policies will be what Italy needs," he added.

But Renzi's critics warn he risks failing to pull together a credible coalition cabinet and his power grab sparked accusations of self-serving arrogance.

"Aiming high, bringing real change to the country, is the only way Renzi will be forgiven for the breach that brought him to power," political watcher Luca Ricolfi said in La Stampa daily.

- Time to go forwards -

Many Italians seem willing to give him the benefit of the doubt as long as Renzi delivers on his promises to combat rampant unemployment -- which stands at a near record high of 12.7 percent -- and boost growth.

Market reactions have been favourable so far, with Italy's borrowing costs dropping to an eight-year low on Monday.

Renzi's on-the-ground local achievements like lowering some taxes, boosting recycling and encouraging innovation are seen as positive but analysts say he will now have to prove himself on a much bigger scale.

He is little known internationally but sees himself in the mould of former British prime minister Tony Blair and his "New Labour" programme and his rise is being closely-watched by centre-left parties in Europe.

His informal style is unusual in Italy's political world and his prolific use of social media has endeared him to many younger Italians.

But the past few days have cast Renzi in a darker light.

Following his election to the party leadership in December, Renzi had ruled out unseating Letta but did just that on Thursday, when he tabled a motion to senior party members calling for a new government.

Whatever the perceived machinations behind his stellar rise, analysts say he will now have to move fast to begin righting Italy's ills.

"The socio-economic situation in the country has worsened enormously over the past two years... with 433,000 jobs destroyed last year alone. It is now time to try, finally, to go forwards," Ricolfi said.


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