The EU Commission's proposals create further opportunities for higher debt levels. Fiscal policy could therefore become even more at odds with the necessary fight against inflation.

A Meloni government should be compared to the Conte government. The Conte government played a blackmail game against the EU and the ECB. Will Giorgia Meloni now be able to act in the same way?

Regardless of any looming political power shift, Italy could become the first dispute in the new euro crisis that is now beginning.

The structural change of globalization is caused by the fact that foreign trade is increasingly used as a geopolitical tool by China, Russia and the USA and by many other countries.

In the election campaign, Emmanuel Macron was unable to do anything about inflation against Marine Le Pen and Jean-Luc Mélenchon. Macron would have had to correct his previous monetary and fiscal European policy.