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The people have spoken. But what are they saying? There are two main ways to read the results, and both have major consequences for Europe. One—and this is entirely new—is that one of the three pillar countries of the European Union now effectively has a euroskeptical majority in parliament; both Five Star and the League have called for rewriting treaties with Europe to give Italy more sovereignty. (Although it’s a big question whether they would team up to form a government; the election results have produced a hung parliament.)

The second is that voters are punishing Italy’s governing elites—Renzi’s Democratic Party, but also Silvio Berlusconi’s Forza Italia party—for overseeing the country’s decline.