Italy: No, Italy's referendum is not the same as Trump or Brexit - by Catherine Edwards

As the world digested the news of Italian PM Matteo Renzi's resignation following the rejection of his proposed set of reforms, the referendum has been painted by some as 2016's third 'anti-establishment' revolt.

While there are some obvious similarities between the victory for No in the referendum and two other political upsets of the year - Britain's vote to leave the EU and Donald Trump's election as US president - there are also several crucial differences.

“Like Brexit and Trump, the outcome of the Italian referendum has been a great surprise, but for the opposite reason," explained James Newall, a UK-based professor and expert in Italian politics. "Polls suggested that the result would be very close and instead there has been a decisive and unequivocal result."

Indeed, the final count showed that Italians rejected the proposed reforms by 60 to 40 percent, following a 68 percent turnout - extremely high by Italian standards. Unlike Brexit, where the small margin has led to calls for a second referendum from some quarters, the Italian vote is, as Renzi acknowledged on Sunday night, "extraordinarily clear".

Exactly how we should best interpret the result is less clear.

Read moreL No, Italy's referendum is not the same as Trump or Brexit - The Local

Italy: Italian president asks PM Matteo Renzi to delay resignation until after budget

The presidential office said on Monday that Mattarella had asked outgoing prime minister Matteo Renzi to stay in place until the government had passed its 2017 budget.

The Italian premier had been at the Quirinale Palace, the presidential residence, to formally offer his resignation to Mattarella.

"The prime minister, following the outcome of the constitutional referendum held yesterday, announced that he could not continue with the mandate of the government and has therefore expressed his intention to resign," a statement said.

"The president of the republic, given the need to complete the parliamentary process of approval of the budget law... asked the prime minister to postpone his resignation until this requirement has been fulfilled."

It remained unclear whether Renzi had accepted the task.

Renzi had said he would resign after voters in a referendum squarely rejected his plan for constitutional reform. However, Mattarella urged him to put his planned resignation on hold until parliament had approved the 2017 budget. It was expected that could be done as early as Friday.

Of those who voted for Renzi's plan for constitutional reform - which would have seen the size and power of the Senate limited and which would have centralized power away from the regions - some 60 percent were against. 

Read more: Italian president asks PM Matteo Renzi to delay resignation until after budget | News | DW.COM | 05.12.2016

Italy: Mateo Renzi Loss of no impact on EU as Euro hits two-week high - by T.Cunningham, B. Henderson, H. Yorke

The euro has jumped to its highest level in more than two weeks in volatile trading as markets shrugged off the outcome of the Italian constitutional referendum.

The single currency tumbled to a 21-month low overnight, dropping by as much as 1.4pc to $2.0505 against the dollar, after Italian Prime Minister Matteo Renzi conceded defeat in a referendum over his plan to reform the constitution and said he would resign.

However, in mid-morning trade the euro  jumped back above $1.07 against the dollar in mid-morning trade as investors bet against an immediate snap election. It climbed by as much as 0.48pc to $1.0715, its highest level since November 17.

Note EU-Digest: the big plus for the EU was the defeat in Austria of the Conservative Populist party last night - as to Italy it seems like business as usual.

EU-Digest

ITALY: Renzi big loss in referendum and he resigns

Via euronews: Italian PM suffers heavy defeat in constitutional vote

Read the full report - click here