Five Star Movement supporters rally in Rome to celebrate new government

Il leader della Lega Nord Matteo Salvini

The far-right Lega Nord (Northern League) and anti-establishment populists the Five Star Movement (M5S), despite being diametrically opposed on some issues, have been trying to cobble together a government after M5S was unable to do so with the Democratic Party (DP).

After being sworn in, the ministers will face confidence votes in both chambers of parliament, where the M5S and the League have a majority.

Leader of the League party and Italian Interior Minister, Matteo Salvini, walks through the crowd on the occasion of celebrations for Italy's Republic Day, in Rome Saturday, June 2, 2018.

While both parties are populist in nature, and have railed against Brussels and Italian "elites", they have always been natural opponents in politics.Wolfango Piccoli, the co-president of Teneo Intelligence in London, said: "They are both led by young and ambitious leaders who share prime-ministerial ambitions".

Conte, 53, will be officially sworn in as prime minister on Friday after Mattarella approved his Cabinet team made up of members of the Five Star, or M5S, and League political parties.

President Sergio Mattarella, who negotiated through three months of political deadlock to finally find a workable government, presided over the ceremony Friday in the gilded Quirinale Palace.

"The degree to which financial market discipline curtails populist policies - and Brussel's stance to draw the string from populist support - will be key in determining Italy's political path".

The agreement between Matteo Salvini and Luigi Di Maio averts the prospect of a new snap election which has rattled global markets in recent weeks.

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The scholar already served as advisor to Italy's Prime Minister for EU affairs and privatization of state-owned companies between 1993 and 1995, and as Minister of European Affairs between 2011-2013 and 2013-2014, according to his online resume.

European Commission President Jean-Claude Juncker told a conference Thursday that he loved Italy, but refused to accept the frequent pass-the-buck blame by Italian politicians that Italy's ills are the fault of the EU.

Mattarella then named Carlo Cottarelli, a pro-austerity economist formerly with the International Monetary Fund, to lead a technocrat government, with another election likely in the autumn.

Both parties are furious and Mr Di Maio calls on parliament to impeach Mr Mattarella.

"People who call for unconditionally leaving the euro as a cure for all ills aren't right, but neither is the European Central Bank president Mario Draghi when he says "the euro is irreversible", if he doesn't clarify the conditions and the timing for the reforms which are necessary for its survival", Mr Tria wrote in a March 2017 article in newspaper Sole-24 Ore.

The crucial Economy and Finance Ministry will be given to Giovanni Tria, professor of Political Economy at the University of Rome Tor Vergata, and president of Italy's National School of Public Administration.

Stock markets in Milan, Paris and Frankfurt tumbled, while the euro sank against the dollar as the eurozone faced its biggest upheaval since the Greek debt crisis. "That means more work, less corruption, seriousness", Juncker said.

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