Should a functioning government fail to emerge in Italy, the eurozone could soon find itself engulfed in another round of expensive and controversial bailouts, says CFR's Charles Kupchan.

Vittorio Grilli, Italian minister of economy and finance, discusses recent economic developments in Italy and the eurozone.

Italian Prime Minister Mario Monti discusses the looming challenges of the economic crisis in Europe and the future of the eurozone.

Italian prime minister Mario Monti discusses his tenure in office and his country's participation in the eurozone.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

Italian prime minister Mario Monti discusses his tenure in office and his country's participation in the eurozone.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

Salvatore Rossi, member of the governing board and deputy director general of the Bank of Italy, discusses the Eurozone crisis, the likely European Central Bank response, and the future of the Italian economy.

The ECB and EFSF could do what the ECB alone cannot, writes George Soros.

Michael Spence says Italy can be saved only if both it and the European Union commit boldly and unconditionally to aggressive action on stabilization and reform.

New Prime Minister Mario Monti faces the daunting task of reining in Italy's high public debt. Analysts say he will have to tackle fiscal irresponsibility to rebuild market confidence and prevent the eurozone's third largest economy from defaulting.

Despite a pledge by Prime Minister Silvio Berlusconi to resign, Italy faces pressure to address its sovereign debt burden by quickly implementing austerity measures or risk a new magnitude of eurozone contagion.

Eurozone leaders meeting for tomorrow's summit are unnecessarily worried about contagion to Italy, but a growing sovereign debt crisis highlights the role of politics in the markets and the need to find common, EU-wide solutions, says expert Franco Pavoncello.

Martin Wolf writes in the Financial Times that with respect to debt crises in the United States and Europe, approaches such as allowing default, refusing to raise taxes, and promoting currency integration ignore the basic realities of debt economics.

Tommaso Padoa-Schioppa, Italian minister of economy and finance, addresses the Council’s corporate members as part of the C. Peter McColough Series on International Economics.

Listen to Tommaso Padoa-Schioppa, Italian minister of economy and finance, discuss the European Central Bank, global imbalances, and the regulation of financial markets as part of the Council's C. Peter McColough Series on International Economics.

Italians will head to the polls for parliamentary elections on April 9 and 10 to determine whether Italy's Prime Minister Silvio Berlusconi or challenger Romano Prodi and his center-left coalition will win the tight race.