Italian Prime Minister Giorgia Meloni's coalition government retains a stable parliamentary majority despite a stinging defeat in the March 22-23 constitutional referendum on judicial reform, which traders view as a contained setback rather than a catalyst for collapse. The rejection prompted a post-referendum purge, including Tourism Minister Daniela Santanchè's resignation on March 25 amid scandals, allowing Meloni to relaunch her agenda and demonstrate leadership continuity. No no-confidence vote has emerged from coalition partners, and with her Brothers of Italy party dominant, structural barriers to ouster remain high ahead of the June 30 resolution. Trader consensus at 88.3% "No" reflects this resilience amid ongoing challenges like energy shocks from the Middle East crisis.