Former European Central Bank (ECB) President Mario Draghi has been appointed head of Italy's new unity government.
His appointment as Prime Minister of Italy aims to resolve the political crisis that has plagued the country for more than four weeks, which has also been plagued by coronavirus.
Giuseppe Conte's previous administration was destroyed after tensions with coalition allies over the use of funds from the European Union (EU) to recover from the coronavirus crisis.
He has selected several key technocrats in more sensitive budget positions such as finance ministers (deputy governor of Banca d’Italia, Franco), energy and environment ministers as well as for digital transformation.
Meanwhile, in the EU political arena, Draghi is expected to form a strong pro-EU approach, as well as a pragmatic approach (dealing with things wisely and realistically in a way based on practical considerations rather than theory) to reach an agreement.
This appointment was welcomed by a market that is well known for having saved Europe from the country's debt crisis while serving as President of the ECB before.
