His narrative is that he saved the nation – but most Italians know they owe the fall in bond yields to Draghi, writes Wolfgang Münchau
As for Mr Monti, my best guess is that history will accord him a role similar to that played by Heinrich Brüning, Germany’s chancellor from 1930 to 1932. He, too, was part of a prevailing establishment consensus that there was no alternative to austerity.
Italy still has a few choices open. But it has to make them.