European leaders sigh a relief over the weakened as Austria’s right-wing populist leader Norbert Hoffer of the Freedom Party conceded defeat to a Green candidate, Alexander Van der Bellen, who ran as an independent. According to latest projections, Mr. Alexander is set to win 53.3 percent of the votes, compared to Mr. Norbert’s 46.7 percent. Joy broke across the continent leaders as the left-leaning environmentalist, defeated a candidate, who promised to hold a referendum on Austria’s membership in the European Monetary Union.

Frank-Walter Steinmeier, Germany’s foreign minister said that the defeat of the right-wing candidate is a good sign against populism in Europe. Martin Schulz, president of the European Parliament, on Sunday, congratulated Mr. Van der Bellen, saying, “His victory is a heavy defeat of nationalism and anti-European, backward-looking populism”.

However, the joyous mood was cut short when Italy’s left-wing Prime Minister Matteo Renzi announced that he would resign on Monday after losing a referendum on political reforms by high margin (41-59). His resignation plunges Italy into Political chaos and raised doubts on the future of Europe’s third largest economy as a member of the monetary Union.