The President of Italy, Giorgio Napolitano, has stated repeatedly that he does not wish to be the person who invites the post-election party leader, whoever he may be, to form an administration in the new legislature. The President's term of office is drawing to a close and he will not stand again.
After Prime Minister Monti's resignation we are expecting now to go to the polls in mid February, not in April. Italy must expect President Napolitano, too, to leave office early and not in May 2013.
Tomorrow's market reactions to Berlusconi's resurgence, after the Democratic Party's leadership primaries installed an old communist as the PD candidate for prime minister, may well be much more severe than the fall of Monti's government alone creates.
Haldane from St Andrews to Baylor
6 hours ago