Italy’s prime minister will address the upper house of the Senate on Wednesday over a political crisis that could bring down his government and trigger a snap election at a time of international tumult and economic upheaval. Mr Draghi tendered his resignation last week after the Populist 5 Star Movement refused to back his broad coalition in a parliamentary vote of confidence.

President Sergio Mattarella rejected the resignation and instead asked him to address parliament, hoping he would find a solution allowing him to remain in office until the end of the legislature in early 2023.

The senators were summoned for 9:30 a.m. (8:30 a.m. GMT+1) and the result of the vote on the Prime Minister’s speech is expected for 7:30 p.m. (6:30 p.m. GMT+1).

Speaking in the upper house of parliament, Mr Draghi renewed his intention to resign if he failed to win a majority in the lower house again.

The former ECB president said his decision was “painful” but due. He told the Italian Senate: “Today’s statement allows me to explain the reasons for a choice – the resignation – which, however painful, was due.

“I think a prime minister who has never stood before voters should have the widest possible support in parliament.”

Alluding to a snap general election, Draghi added: “Italy is strong when it is united. Unfortunately, in recent months distinctions between parties and divisions have prevailed.

“Now the only way, if we want to stay together, is to rebuild the pact of trust from scratch.

“It is especially the Italians who ask for it.”

A debate on the government’s future is now set to take place in the lower house on Thursday.

Political unrest in the eurozone’s third-largest economy has sent panic across the EU, with Spanish Prime Minister Pedro Sanchez imploring Mr Draghi to stay and save Europe.

Writing for Politico, the Spanish leader said the EU “needs” Mr Draghi.

He added: “The role of Italy, one of the biggest countries in the European Union, has been crucial.

“A few months ago, together with the then Prime Minister, Giuseppe Conte, and seven other EU leaders, we signed a letter calling – for the first time – for the launch of a common debt instrument for facilitate a solid recovery from the severe socio-economic crisis caused by And, in recent months, the government of Mr. Draghi has implemented the Italian recovery plan which, like that of Spain, must profoundly transform and modernize our economies This is the idea behind “NextGenerationEU”.

“How the plan is implemented in Italy and Spain will determine the overall success of NextGenerationEU, as we are the member countries that will receive the largest share of funds. Mario Draghi and I are aware of this, as are our nations.

“When we were struggling with the impact of the pandemic, Mario’s Europeanism was also manifested in the joint purchase of vaccines and the approval of the EU’s Covid digital certificate.

“Now, with rising energy prices, unstable supply and, more broadly, rising inflation caused by Russian President Vladimir Putin’s war on Ukraine, we face a new challenge. And Mario’s ideas in recent months have been key in our debates. Italy and Spain have led the way by presenting proposals such as the joint purchase of gas and a cap on gas prices .

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“After the pandemic, and in the face of the war and its consequences, the EU must continue to move forward on the path of recovery and transformation towards green and digital transitions, while maintaining social cohesion.

“This is the path that the Spanish and Italian governments are following. And we must continue to do so, showing determination and unity among the 27, as Mario Draghi has done so far.”

But little appears to have changed on the Italian political front since last week, when the 5-star boycotted the vote of confidence on measures to ease the high cost of living, complaining that its own concerns had been ignored.

It remains unclear whether Mr Draghi remains committed to stepping down at some point over the next two days, or if he might change his mind and stay in office, as many inside have demanded. and outside Italy, fearing his departure would trigger chaos. .

The former head of the European Central Bank has enough support to remain in office without 5 stars, but he has so far rejected this option as his original mandate was to lead a national unity coalition with parties from all over the world. political horizons.

Five-star leader Giuseppe Conte said over the weekend he wanted Draghi to signal he was ready to implement some of his political priorities before renewing his support for the government, including introducing a minimum wage system.

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Complicating efforts to overcome divisions, the right-wing League party and its Forza Italia allies said they no longer wanted to share power with 5-Star.

The 5 star has held repeated meetings in recent days to try to decide on its strategy, but remains deeply divided. Two party MPs said that on Tuesday evening they received no guidance on how to vote in Wednesday’s debate.

If Mr. Draghi feels his government cannot be revived, he will tender his resignation once more to President Mattarella, almost certainly clearing the way for elections in late September or early October.

Italy hasn’t had an autumn election since World War II because that’s the time normally set aside for budgeting.

Ratings agency Fitch said Monday that Mr Draghi’s resignation would make structural reforms and fiscal consolidation even more difficult in Italy, which has the second-highest debt-to-GDP ratio in Europe after Greece.