For more than three years, Italy has been an exception on the European scene, combining a degree of relative stability and financial discipline with a pragmatic international approach. However, this balance is today under increasing pressure due to rising energy prices, market fluctuations, and trade disruptions, which have revealed a structural vulnerability that remained containable in calmer times. Sana Khan* The political calm that characterized Giorgia Meloni's period of government is facing its first serious test, as the repercussions of the Iranian war extend to the Italian economy and the foundations of domestic support and market confidence begin to erode. The first signs of tension appeared in the financial markets, with the spread between yields widening
