Giovanni Giolitti, an Italian statesman of a century ago, was once asked whether it was difficult to govern Italy. “Not at all,” he replied. “But it’s useless.” It’s a quip a succession of recent Prime Ministers—Silvio Berlusconi, Romano Prodi, Mario Monti—surely came to appreciate as they tried and failed to reform Italy, and on Sunday it was Matteo Renzi’s turn. The center-left Italian Prime Minister was handed a stinging 60%-40% defeat Sunday in a referendum on proposed constitutional changes on which he had staked his...

Source: Wall Street Journal December 05, 2016 15:41 UTC