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Following The Brexit Vote And Trump’s Victory, Populism Wins Once Again In Italy

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Matteo Renzi, Barrack Obama

First there was the Brexit referendum, followed by President-elect Donald Trump’s surprising win, and now Italy's vote to curtail the power of the Senate.

In a wave of global populist movements, 59.6% of Italians voted Sunday against government-backed constitutional changes that would streamline lawmaking and boost competition, prompting Italian Prime Minister Matteo Renzi (pictured next to President Barack Obama) to announce his resignation early Monday morning.

The vote has resulted in some uncertainty for Italy’s future—particularly its membership as the fourth-largest economy in the European Union—and global financial markets expect volatility near levels reached after Trump’s upset win, particularly in the euro against the dollar. The euro fell 1% after the vote, the Wall Street Journal reports, and global investors are expected to keep an eye on developments in Italy to assess how its anti-euro shift will impact financial markets and central banks around the globe. [WSJ]