How should Europe fear Giorgia Meloni? | Energy crisis and geopolitics…


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How should Europe fear Giorgia Meloni?  |  Energy Crisis and Geopolitics in the Persian Gulf Shed New Light |  Vladimir Putin calls for partial mobilization

How should Europe fear Giorgia Meloni?

Italy’s next head of government will be constrained by politics, markets and money

The energy crisis and geopolitics have put the Persian Gulf in a new light

He will be richer, more powerful and more volatile

We have two covers this week. In Europe, we ask how worried the world should be about what is likely to be the election of a right-wing government in post-war Italy this weekend. The three-party alliance is expected to win more than 60% of the seats in Parliament; this trio is likely to be dominated by the Brothers of Italy (FdI), whose leader Giorgia Meloni will take over as prime minister. FdI has its roots in neo-fascism. In his speeches, Mr. Meloni railed against illegal immigrants and “awakened ideology.” Bankers fear she will take on the European Union, ignore reforms and lose control of Italy’s massive debt ($2.7 billion, or more than 150 percent of GDP). And yet Ms. Meloni tried to soften her hardest edges. She has clearly stated that she does not intend to abolish the abortion law, she is no longer talking about abolishing the euro, and she has pledged to respect the reform plan drawn up by her predecessors and approved by the European Commission. While Ms. Meloni is of great concern to European leaders, they should take Italy’s democratic decision to elect her in stride, while warning them of how damaging a failure would be for both Italy and the EU.

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In the rest of the world, we watch as the energy crisis and new alliances make the Gulf region more powerful and volatile. Vladimir Putin’s war in Ukraine has put the region in the middle of a $3.5 billion energy stockpile. Saudi Arabia and the United Arab Emirates have a long-term goal of being the last remaining oil producers and enjoying the lowest cost and least dirty production. Together, they want to increase production from 13 million. barrels per day last year up to 16 million. Qatar aims to 2021 produced 33% of all LNG sold in the world. The Middle East is also adapting to a multipolar world in which America is no longer a reliable guarantor of security. This is reflected in the Abraham Accords signed by Israel and two Arab states in 2020. The deals will help normalize ties in the region and create a joint defense against Iranian drones and missiles, likely using Israeli technology. But it can also be expected that trade can enrich these countries in a region with weak cross-border connections. Golf will continue to play a central role in the decades to come. But climate change, Iran and national domestic politics mean this may not be a source of stability.

How should Europe fear Giorgia Meloni?

Italy’s next head of government will be constrained by politics, markets and money

The energy crisis and geopolitics have put the Persian Gulf in a new light

He will be richer, more powerful and more volatile

Vladimir Putin calls for partial mobilization

Ukraine’s progress is forcing the Kremlin to resort to desperate measures

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