Every start is difficult. Also "Super-Mario" had today to make this experience. It was quite clear, that after the euphoria in the last days more sober moments would come.
Today the incoming Prime Minister held talks with different political forces in order to assure the broadest possible majority in the two Houses of the Italian Parliament. And it emerged chrystal clear, that the formation of the new government will not be a pick nick. The political parties are reluctant to provide Monti "carte blanche". And Berlusconi has already started to threaten, that he could in any moment put an end to the new government. Unfortunately this is in theory possible, because the center-right coalition has in one of the two Houses, the Senate, still a very robust majority. Add a more cautious feeling in the markets, where the spreads between Italian T-bills and German Bunds today returned to 500 basispoints and ready is a soup, that tastes not so good than the one of the last days.
Monti has in the next couple of days to solve overall one key question: will the cabinet be a purely "technical" staffed with ministers without any political link or will the government include also some politicians from the parties, which promised to support Monti? That latter solition would create more stability. But Berlusconi as well as the leader of the major opposition party PD, Pierluigi Bersani don't like that. They prefer to have nobody of "their" people in the government to maintain more freedom on their decisions.
Monti should press them hard, because of the superiority of the solution. On the other hand he has to be flexible enough to understand realistically, what in this Italian circus is feasable and what is not feasable. He cannot lose much time. The new governement has absolutely to be formed in two, maximum three days. It would send a desastrous signal to the European partners as well as the markets if it would take longer.