Renzi is the last hope for the Italian elite

In a country once dominated by Christian Democrats, for whom European integration was the noblest of ideals, there is no longer a moderate, pro-EU centre-right party of any significance. Mr Salvini, who terms the euro a "criminal currency", is Italy's second most popular politician after Mr Renzi.

For the EU, and the eurozone in particular, this makes it extraordinarily important that Mr Renzi's reforms of the tax system, labour market, judiciary, public administration, electoral system and much more should succeed... Whatever his shortcomings, though, Mr Renzi's government represents the last throw of the dice by convinced reformers on the other side of the Italian political spectrum -- the left. Mr Renzi is their leading light. If he fails, there will be little appetite on the left to have another go at carrying out the difficult modernisation that Italy needs. Economic decline will continue, sooner or later imperilling Italy's eurozone membership -- and monetary union itself.