Caution and expectation are the key words to emerge, on Thursday 24 May, from the reactions of the eurozone finance ministers following Italian President Sergio Mattarella's appointment "with reserve" of lawyer Giuseppe Conte as prime minister the previous day.
Conte has been tasked with forming a new Italian government born from an alliance of reason between the 5 Star Movement and La Lega, the two populist parties having won the parliamentary elections in March.
The ministers notably stated that the future Italian government will be judged, like others, on its action, especially as regards respect for European values and standards.
According to the president of the Eurogroup, Mário Centeno, Italy will be treated "exactly on the same level as other governments".
Noting Conte's commitment "to respect European rules", France's Finance Minister Bruno Le Maire said he would like to engage with the Italian authorities "in a constructive relationship". "We will judge on acts", he added. His German counterpart, Olaf Scholz, wanted to be more conciliatory: "the fact that the person likely to be the next Italian prime minister has adopted a pro-European position is a good thing. He said he wanted to respect the EU's common rules and legislation. This is a message that we need to remember."
The Dutch minister, Wopke Hoekstra, wanted "Italy to have a government that creates economic growth, that succeeds in bringing progress to reforms and budgetary discipline". He said the European budgetary rules that the Commission ensures are respected have been agreed by all the member states.
For the Maltese minister, Edward Scicluna, the Italian populist government could play a beneficial role in asking "certain questions" that upset "the establishment". But it also depends on its ability to boost growth, which has traditionally been soft in Italy. But, if it only involves spending, then it will be "a replay of Greece", he said.
The agreement of the alliance government between the 5 Star Movement and La Lega involves the desire to review the European treaties, a substantial increase in public spending, a distrust of the free trade agreements concluded by the EU with external partners, and a hardening of migration policy, as well as a desire to rehabilitate Russia as a "strategic interlocutor". It raises the concern of financial circles and Italy's European partners. Italy is the third biggest economy in the eurozone and its public debt exceeds 130% of GDP. (Original version in French by Francesco Gariazzo and Mathieu Bion)