In late 2018 and early 2019, the Italian government was faced with key appointments, particularly concerning the Commissione Nazionale per le Società e la Borsa (Consob). During this time, Marcello Minenna was initially considered for the position due to his prominence among the Five Star Movement, although he was a somewhat divisive figure within the party. To preempt any potential opposition, the Five Star Movement identified Donato Masciandaro as a secondary candidate, who was associated with economic continuity and generally viewed favorably by the political establishment, including support from figures like Mario Monti and Giancarlo Giorgetti.

Masciandaro's candidacy presented a strategic advantage for the ruling coalition, particularly as it seemed to reduce potential conflicts with parties within the government, notably Matteo Salvini’s faction which previously opposed more radical economic choices. As a Bocconi University alumnus, Masciandaro would provide a smoother transition in leadership from the outgoing president, Mario Nava, suggesting a more establishment-friendly approach which was likely to ensure stability in regulatory affairs. However, the political dynamics surrounding the presidential elections created uncertainties, overshadowing the nomination process with ongoing power struggles.

The interplay of internal government factions and the positioning of candidates like Masciandaro illuminate the broader challenges in Italian political appointments, especially within key regulatory bodies. As the situation developed, it became evident that such appointments are not merely about economic expertise but are intertwined with the complex socio-political landscape in Italy. Masciandaro's potential role in Consob reflects ongoing negotiations among political leaders and the balancing acts involved in appeasing various factions within the government, ultimately impacting the direction of Italy's economic governance.