Abstract

The global economic crisis has without doubt been the most important international event in the modern world which it will profoundly shape the future of the European Union and of the EU’s member states. Its impact on politics and society is as relevant as its impact on the economy, have depended on the specifics of its domestic situations. In this article, we will discuss its the impact on Italy and possible outcomes – outcomes that will shape Italian politics for the foreseeable future. Attention will be focused mainly on politics and society, although we will often refer to the economy to explain political and social developments. The Lehman Brothers collapse in September 2008 revealed the seriousness of the crisis and it represents the starting point of the economic emergency for Italy. Job losses have obviously been the most significant social impact of the crisis. The unemployment rate remained almost stable during the initial period of the downturn but increased dramatically in 2009, with further increases expected in 2010. In Italy, the global crisis has impacted on a social system that had deteriorated of political instability and economic decline. Global crisis has also shaped the political balance in Italy. In conclusion, therefore, the global crisis will almost certainly turn out to have been a lost opportunity for Italy to reverse its economic and political decline.