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Italy national pride on display after political crisis ends

Italy national pride on display after political crisis ends

Conte, a political novice, was finally sworn in on Friday as the head of a government of ministers from the anti-establishment Five Star Movement and the far-right League, ending months of uncertainty since elections in March.

Following the searing-in ceremony, the new government headed to the prime minister's office for the hand-over ceremony.

Next week the government faces mandatory confidence votes in each chamber of Parliament, where the coalition members hold narrow, but viable majorities.

Financial markets have calmed amid increasing signs that Italy may avoid imminent elections after the president gave two populist parties time to figure out whether they can agree on an alternative to an anti-euro economy minister.

His cabinet line-up would directly involve M5S leader Luigi Di Maio and League leader Matteo Salvini both in the role of vice prime ministers.

The two enraged parties abandoned their joint bid for power, and on Monday Mattarella asked ex-IMF economist Carlo Cottarelli to form a caretaker government created to take Italy to what looked like probable autumn elections.

Mr Codogno said: "The initiative for a new anti-establishment government ... would have to imply a credible pro-European commitment and a commitment to the Italian Constitution, ie the fiscal framework, to have any chance of flying".

Giuseppe Conte has been sworn in as the Italian Prime Minister. The Democratic Party, League and Five Star Movement (M5S) have all called for a vote "as soon as possible".

"We should show respect towards Italy", Juncker said in an interview with the German press group Funke Mediengruppe.

Conte's new government would put an end to a stalemate that lasted more than 12 weeks, during which the protracted political instability of the euro-zone's third largest economy rattled financial markets.

After the swearing-in, Salvini told reporters his first order of business would be to "reduce the arrivals and increase the expulsions" of migrants, as well as the costs associated with their care.

Giuseppe Conte, a little-known law professor, was sworn in as prime minister Friday, almost 90 days after an inconclusive March 4 vote.

The two populist parties had suspended their joint bid for power after President Sergio Mattarella nixed their choice for the economy ministry: 81-year-old eurosceptic Paolo Savona.

Italian Premier Giuseppe Conte is cheered by citizens on the occasion of the celebrations for Italy's Republic Day, in Rome Saturday, June 2, 2018.

But Mattarella objected to Conte's choice for the finance ministry, euroskeptic economist Paolo Savona, saying it would alarm investors and have risky consequences for Italy's outstanding government debt.

Following reassuring words about the Euro from the two populist party leaders, a compromise was reached: Savonna was named instead to head the ministry of European affairs and Giovanni Tria, in favor of the Euro, was named economic minister.

The new government delighted leaders of an increasingly bolder far-right in European politics. Rallies in support of Mattarella had been planned in Rome and Milan for Friday, while Five Star had planned a protest in Rome Sunday, originally to call for the president's impeachment.

"There's no reference (in his CV) to masters or other university titles, but the simple and accurate description of his work as a scholar and university professor", the movement said in a post on its official blog.

"We are not yet at the point where investors refuse to lend money to Italy", said Roberto Coronado of PineBridge Investments.

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