Over the next six months, voters in Europe head to the polls in three crucial votes, each providing a powerful platform for the anti-establishment mood sweeping the world. In the wake of Brexit, one vote in particular, the French presidential election, has the potential to spell the end of the European Union (EU). The first of these votes, scheduled for December 4th, is an Italian referendum on constitutional reform where the centrist government of Matteo Renzi has staked much of its political capital on reforming the way Italy is governed. Of all of the members of the Eurozone, arguably none is in more desperate need of substantial structural reform than Italy. The country has been in recession for five of the past eight years while real GDP per person today is lower than it was in 1999. Against this backdrop, the country is suffering from an unemployment crisis, with nearly one in two young people unable to find work (see exhibit below).