Alarm is rising about a collision between Italy’s new populist coalition government, which campaigned for lower taxes and higher spending, and the EU. The suggested Minister of Finance, Paolo Savona, has to date been vetoed by the Italian president which is evidently his prerogative. Savona is a vocal critic of the euro, deriding it as a “German cage”. The Italian economy has stagnated since joining the common currency because it has not been able to devalue when the going got tough. The EU’s German budget chief Oettinger warned that the EU’s rescue fund was not big enough to bail out an economy the size of Italy.
An Italexit would be much more damaging to the EU than Brexit though there’s no suggestion they intend to leave; they plan to stay in and defy regulations.
The Italy 17 March 1861 chart looks confident though frustrated through this year; with a critical time around the August Leo Eclipse and the two months beyond. The relationship chart with the EU is blocked and tense this year with tr Saturn opposition the composite Pluto, Uranus till late year; and then conjunct the Neptune for an uncertain 2019. Again it shows this August and beyond as a crisis point; with a struggle for the upper hand in 2019.
The Bank of Italy chart, 10 August 1893, also looks rattled by the August Eclipse and will be prone to impulse decisions and rash judgements. With considerable disruption in 2020.
The EU itself is heading for a minor to major financial catastrophe in exactly a year’s time, though in effect before then, as the Solar Arc Pluto is conjunct the EU Neptune, undermining false high hopes and shafting a spear through their bubble. Starting in 2019 tr Uranus first opposes that Neptune, before moving from 2021 onwards through a truly difficult period of financial disruption as tr Uranus is conjunct the 8th house EU Moon and squares Uranus, then squares the 5th house speculative Venus.
Even before then from this July tr Uranus trines the EU 12th house Pluto, perhaps shining a light on dodgy practices behind the scenes, and forcing through change with considerable upheaval. That runs into 2019 as well.
The earlier country charts tend to work better and the 1871 is the first coming together of a unified Italy. The Republic 1946 chart is a change of status chart. The latter would be a highly significant moment, and will share key markers with the original one; but to use it is a bit like replacing a birth chart with a subsequent divorce chart.
Central Bank charts do have relevance, assuming the date is right, since they manage the country’s internal economy and if they are going rogue it would certainly show up.
The August Solar Eclipse also shows up on the 1946 chart and its EU relationship chart – so there will be a heated crisis. It’s now turned into a full blown constitutional mess.
Marjorie, I’m not disregarding earlier Italian charts in all instances. But rewriting a Constitution – note, not making amendments, rewriting the whole thing – and passing from Monarchy to Republic bring profound changes to the way politics is made. I give you an example from what happened yesterday: Italian President was opposing to a nomination to Goverment. One of the negociators decided to pull out rather than withdraw that nomination (others were suggesting other names). Under Monarchy, this was not an option. So, we’re looking at a situation only possible under 1946 Constitution. This is why I do not use Russia 1917 to see what’s going on with Putin’s Russia, either.
On the role of Central Banks in Eurozone, I think you might be mixing Financial and Monetary policies. It is mostly the latter that’s dealt with by Central Banks. And since we are in a Monetary Union, National Central Banks do not have power over that anymore. Sovreign States still have a say on Financial Policies. But that’s subjected to Political decisionmaking.
So, I would look at European Central Bank chart here. It’s tumultous enough. I do not know if the pressure comes from Italian Government withdrawl from Euro as much as from the banks, though. Deutsche Bank just laid off thousands of people in restructuring. Italian banks still ave hundreds of billions in NPLs. NPL problem won’t go away with Italy withdrawing from euro. These are mostly mortgages taken by people confident in inflation eating them, the way it did in the 1970’s or even in the 1980’s (30 year paytime for mortgage pretty common in Italy). I think some people have come to this realization, as well. A close friend involved with M5S since the beginning and employed by Banca Monte dei Paschi has done a complete 180 on euro in the recent months. He knows this bank is a goner without “help” from European Central Bank.
We’ll just have to agree to differ on some of this. The 1946 constitution is still a status change rather than a birth of a new unified country. Both charts have some validity and are worth keeping in mind.
The ECB may decide overall policy but that only tells you about the EU-wide situation, not the state of play in individual countries which vary enormously within the strictures of a one-size-fits-all set up.
I don’t think even the Italian populists considered pulling out of the euro, more they intended to ignore the rules. But landing Brussel-friendly crats in to rule till the next election isn’t going to go down too well with the electorate who voted the populists in.
Also, with Italian 1946 chart Sun/Uranus in the 8th house, trine Jupiter in the 11th, thinking Italy will ever truly determine goings of the Global Economy is just staggeringly off. They are opportunists. They will do what’s best for them.
I would also stop using charts for any National Central Bank in The EU in Mundane Astrology. They are reduced to research units without any true power now that they can’t, in fact devaluate or determine interest ratesm
I want to point out that I also use 1946 Chart for Italian Politics. They didn’t only pass from Monarchy to Republic, the whole Constitution was rewritten to disable the rise of authoritarian forces within Parliamentary System. And this chart is quite possibly the most in-your-face chart for Mundane Astrology I’ve ever seen. Explains practically everything that has happened in Italian politics in the past 70 years, with Scorpio Moon, 8th house emphasis, Mars on MC…
Too late, Marjorie. They just called off the negociations. I never gave this Government more than half a year, given M5S and La Lega have very different voterships. And, previously eurosceptic M5S wan The South, which is highly dependent on EU funds.