Special Comments - Italian referendum

News item -

Following the referendum in Italy, please see below the comments from ABN AMRO Investment Solutions.

An expected result

Christophe Boucher – Head of Quantitative Research and Strategy

Italian Prime Minister Matteo Renzi’s referendum on the reform of the Italian constitution was held yesterday, Sunday, 4 December. The main aim of this referendum was to substantially diminish the Senate’s legislative powers so as to enable a faster pace of reform.

A large majority of the Italian people voted against the proposed reform (59% voted against). These results confirmed the pollsters’ predictions as the opinion polls had predicted the ‘No’ vote to lead by several points. This result had been largely anticipated by investors as spreads on Italian government bonds had tightened significantly over the previous few weeks.

Over the past few months, this referendum on fairly technical constitutional issues has turned into a vote of confidence in or against Matteo Renzi, who has said he will resign if he loses the referendum. 

Please find the full comments in English, French, Dutch and German below.