Mario Draghi sworn in as new Prime Minister of Italy

Draghi, who became the 30th Prime Minister of the Italian Republic, has won the support of almost every major political party of the country.

He was reportedly called in by President Mattarella unexpectedly earlier in February after the previous Giuseppe Conte-led coalition collapsed amid the latest COVID-19 wave.

Notably, Draghi is one of the most highly regarded public officials of Europe.

Draghi will reportedly be presented to the Senate, the upper house of Italy's bicameral Parliament, on Wednesday and to the lower house, the Chamber of Deputies, on Thursday for the necessary votes of confidence for his government.

Interestingly, the 73-year-old will have a maximum of two years to make a difference in the crisis-hit country as the next parliamentary elections will be held by 2023.

Meanwhile, among the key ministers in Draghi's cabinet are Daniele Franco, the current Director-General of Bank of Italy, who has been named the new Economy Minister.

Also, former Vodafone Group CEO, Vittorio Colao, has been appointed the Innovation and Technology Minister. Further, a former president of Italy's Constitutional Court, Marta Cartabia, has been named the new Italian Justice Minister.

On the other hand, several ministers from the outgoing Conte-led government would also keep their posts.

While Luigi Di Maio of the Five Star Movement would remain the Foreign Minister, the non-affiliated Luciana Lamorgese will continue in the post of the Interior Minister.

Also, the current Health Minister Roberto Speranza would keep his post.

Draghi faces various challenges as he starts work on trying to bring Italy out of the health and economic crises as it is hit by the worst downturn since World War II.

He'll be tasked with helping the country recover from the coronavirus pandemic and devise plans for efficiently spending over €200 billion in European Union (EU) funds aimed at rebuilding the Italian economy.