Italians should consider what is at stake. Albeit in a global growth environment, former German chancellor, Gerhard Schroeder, was able to push through the kind of structural reforms Monti has proposed back in 2003 when he was in office. He was rewarded by being kicked out of office in the next election. Yet, a decade later, Germany is the strongest and most competitive economy in Europe as a result of those reforms.
Reforms take many years to manifest their benefits, and are always unpopular at the outset. Clearly, democracy mispriced the value of Mr. Schroeder’s reforms. Will it do the same for Monti’s?
The related issue is whether Mario Monti should have put himself forward directly as a candidate for prime minister again in the election campaign. Because he is already a "senator for life," Monti cannot technically stand for parliamentary election, but he could be re-appointed as prime minister if his coalition makes adequate gains in parliament.
In an effort to retain his elevated, “above the fray” impartiality, Monti instead has agreed to serve again in government only if the reform agenda he proposes to continue (his structural reforms) gains enough support from the various parties contending for seats to win a sufficient majority. Only then would a new government be able to see them through. Critics argue that if Monti doesn’t “earn” a leadership role as a candidate, he won’t be “legitimate.”