The first is to reverse austerity immediately – essentially to undo Mr Monti’s work. The tax rises and spending cuts are having a counterproductive effect. By reducing both debt and growth, the debt-to-GDP ratio has increased in the short term and I doubt that it will fall by much in the long run. The deterioration in Italy’s debt sustainability will become much clearer next year, as we get more statistical evidence of the calamitous effect of austerity...

The second priority is to stand up to Angela Merkel. This was something Mr Monti was unwilling – and incapable – of delivering. He tried a bit of grandstanding at the European summit in June, but he never managed to confront the German chancellor on the one issue that mattered: that without some form of debt mutualisation – a eurozone bond – it was hard to see that a country with a debt-to-GDP ratio of 130 per cent and virtually no growth could remain a member of the eurozone, and keep on rolling over its debts for ever. Only an elected leader is in a position to force a choice. A technocratic prime minister cannot be expected to produce a credible counter-threat if the answer is no.

The best outcome for Italy would be a political leader who forces the issue of Italy’s future with a clear-headed sense of what choice the eurozone and the country will need to make. Otherwise, Italy risks being pushed into a position like that of Greece, which pursued similar policies and has no choices left.