Simplistic slogans of no benefit to EU

Another referendum and another shock for the European Union. By linking his political future to a successful outcome of a plebiscite to amend the constitution, Matteo Renzi was playing for high stakes. Perhaps if he had waited to see the results of the Brexit referendum and the surprising Donald Trump election victory he might have taken a different course. Now Italy and the EU have to deal with the impact of his reckless gamble.

On the plus side, fears of a sharp drop in the euro proved groundless. There was a slight fall after the results then the euro recovered. And Italians are used to short-lived governments. President Sergio Mattarrela has asked Renzi to stay on until the budget is passed. Then he will either appoint a caretaker prime minister or call new elections.

The opposition parties including the Northern League and Five Star Movement are pushing for new elections and calling for a further referendum on whether Italy should remain in the eurozone. Most Italians dislike the government's austerity program which they see as being imposed on Italy by German Chancellor Angela Merkel. They are also angered at the lack of solidarity from other EU members in dealing with the massive inflow of refugees in the past 18 months.