The time of the Bloquons Tout in France, but they are not the new Gilets Gialli. Italy armours itself: 'We are stable'.

In contrast to what happened at the time of the Yellow Vests, therefore, France today suffers from a much more worrying public accounts picture (also for the ECB and the rating agencies, with markets worried about debt sustainability), albeit mitigated by the absence of structural imbalances in the balance of payments, and above all a notable institutional instability, because the Macron era inaugurated in 2024 was immediately exposed to the wind of fragile compromises. This is why all eyes are on both the new meeting of the European Central Bank scheduled for Thursday 11 September (and on the words of Christine Lagarde who will certainly be questioned on the French chaos) and on the verdict expected on Friday on Paris by Fitch Ratings, which has a negative outlook on the country.

In Italy, too, there is concern about contagion along the double track of the economy and social unrest. The spectre of a new debt crisis hovers, at a time when governments are being called upon to increase defence and security spending (the tensions over the opposition's anti-gun motions in the Chamber of Deputies on 10 September already show how the majority is walking on eggshells) and when concerns about the sustainability of the European welfare model are growing. The nebulosity of the organisers of the Bloquons Tout movement does not help. Retailleau points out how the call for 'Tout bloquer', circulated as a tam tam on social networks starting with Telegram, 'has been taken up by the galaxy of the ultra-left and the extreme left who are inciting rather radical initiatives'. If Melenchon's insoumis have been invited to make themselves available, the rest of the left does not seem so united.

And there are also those among French observers who warn of flankers in the conspiracy and far-right world. Such as the Les Essentiels France collective, which supports France's exit from the EU and disputes military support for Ukraine. It is back to the fear of fears: that foreign powers can fan the flames of unrest. With only one goal: destabilisation in Europe. This morning's words of Viaceslav Volodyn, president of the Duma and loyalist of Vladimir Putin, did not go unnoticed: 'France is tired of its president Macron's eight years of shame. He is the problem'.

So far no supporters of the Bloquons Tout are to be seen from Italy. But in the majority the coldness towards Macron is noticeable. "We believe that the elections in France must be held as soon as possible to allow the French to freely decide on the future government regarding the State of the Union," said the co-chairman of the Ecr group, Nicola Procaccini, at a press briefing in Strasbourg. Salvini is silent for now, however, fresh from the diplomatic incident with Macron who had called for 'tacher al tram' on the proposal to send troops to Ukraine: relations with the French president have never been idyllic.

The president of Forza Italia senators, Maurizio Gasparri, sees the situation as "complicated" and the vote as likely, and praises the "Italian way": "In the face of what is happening in France I can say one thing: Italy has a legislature government, which will last five years and has been in office for three, it has accounts in order, it has international investment attractiveness, public bonds that are sought after on all markets, a spread that has fallen to the lowest level, 80 points, inflation at 1.6%, we can do more and better, but today we are a country of reference". Even Maurizio Lupi, from Noi Moderati, says he is convinced that 'the government crisis in France, with its repercussions on the transalpine economy and the possible repercussions on Europe, testifies to how fundamental is the political stability that the centre-right government is guaranteeing to Italy, in the interest of citizens, families and businesses'.