Business elite desperate to keep Monti Italy is about to stage an intriguing political drama whose denouement will be decisive in shaping the future of the eurozone's third-biggest economy - and Europe itself. Can a way be found for Mario Monti, the acclaimed but unelected prime minister, to continue in office without subverting Italy's parliamentary democracy? Italy's business elite is desperate for the 69-year-old economist to prolong his premiership. But parliamentary elections are due by April next year and - so far - Mr Monti is not a candidate. One leading Italian industrialist credits Mr Monti with four striking accomplishments in his year in office: he has injected reason into the political discourse; begun tackling the economy's structural flaws; restored international investors" confidence; and revived Italy's reputation as a serious country. The industrialist says, if he were Pope, he would immediately beatify Mr Monti. A senior banker in Milan says: "Monti is like the doctor who can administer bitter medicine because you know the alternative is to be ill. People think that Monti is interested in all the people, not just one party and its supporters. The trouble is that Mr Monti instinctively recoils at the thought of plunging into a political fight and gives the impression he would rather return to a top EU job in Brussels. The cerebral, wry former president of Milan's Bocconi university is the polar opposite of his predecessor, Silvio Berlusconi, in almost every respect. Mr Monti's natural habitat is the seminar room, not the circus ring that is Italian politics. At a Financial Times conference in Milan this week, Mr Monti made clear he would not "like" to extend his premiership. But he hinted he might be prepared to continue in office if his country needed him. Milan is abuzz with schemes for ensuring its favoured local son could pursue his reforms. One has it that he could succeed Giorgio Napolitano as president next summer acting as a mentor to the elected government. Another suggests he could become an all-powerful finance minister in a grand coalition. But perhaps the most striking idea is that he could head an electoral list backed by leaders from Italy's civil society - perhaps in alliance with centrist or centre-left parties. Civil society leaders in Milan claimed a notable political victory last year by helping elect Giuliano Pisapia, a radical lawyer turned politician, as the city's mayor, defeating a Berlusconi ally. Mr Pisapia had unexpectedly entered the race amid popular disgust at the erosion of civic values. One pollster suggests Mr Monti has electoral appeal: his personal approval rating stands at 53 per cent while trust in the mainstream parties has all but collapsed. However, this "voters" strike" has not just sustained Mr Monti's popularity. It has also helped fuel support for Beppe Grillo, the flamboyant comedian, who runs the insurgent Five Stars movement. The populist Mr Grillo champions an anti-austerity, anti-euro message, accusing the government of causing "Rigor Montis" in Italy. While Mr Monti may be the hero of the rich north, he does not play so well in poorer regions such as Sicily, where Mr Grillo's movement recently triumphed in local elections. Another Milan financier is convinced Italy could surmount its current crisis if the Monti agenda could be secured for the next five years. But he does not believe the country could ignore the results of the elections and reappoint Mr Monti - if he had not run for office. The parliamentary republic in Italy is totally discredited. But, if there is a Monti 2 it shows that elections are irrelevant, which is terrible," he says. Italy is thus torn in a tussle between credibility and legitimacy. Extending Mr Monti's premiership would reinforce Italy's credibility with investors but erode the government's political legitimacy. Electing a new government headed by a political leader could assure greater legitimacy but lack credibility. The logic of the situation may yet compel a reluctant Mr Monti to run. "Vote for me because I do not like the job!" sounds an implausible electoral platform. But in a country grown sick of politicians" bankrupt promises, it could have a revitalising appeal.